| Obama assumed Presidency of the United States | | | | account of the recession could find new means of |
| at a time when the economy was tethering and | | | | livelihood. |
| there was no option for him but to go in for | | | | The stimulus package is being implemented by |
| extreme measures to kick start the economy. | | | | resorting to tax cuts and increasing government |
| Before he assumed office, President Barak | | | | spending. This is likely to add to the budgetary |
| Obama announced that he would be bringing in a | | | | deficit, but in the long run, it is required and will |
| stimulus package which was billed as the | | | | help stabilize the economy. The tax cuts have |
| “American Recovery and Reinvestment | | | | helped to a large extent and the economy is |
| Plan.” The basic thrust of the stimulus | | | | seeing signs of recovery. One of the biggest |
| package was on providing assistance to low and | | | | successes has been the cash for clunkers rebate |
| middle income Americans, strengthening the basic | | | | voucher program. A lot of fuel guzzlers have |
| infrastructure of the nation and to stimulate | | | | gone off the roads and been replaced by fuel |
| investment in the states which were having to | | | | efficient vehicles resulting in savings in the fuel bill. |
| struggle on account of falling revenues. He also | | | | This has also given a shot in the arm to the car |
| aimed to create some 3 million jobs over a period | | | | industry which has been tethering on the verge of |
| of 2 years so that those who were laid off on | | | | closing down. |