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U.S. economic stimulus money expected to reach nearly all: paper
Last Updated(Beijing Time):2009-02-15 13:22
The massive economic stimulus package passed by both houses of Congress is expected to reach nearly all corners of the society, it was reported on Saturday.

"The scale of the legislation is so huge and its provisions so diverse that its effects could potentially be felt in almost every corner of American society -- from small businesses and major industries to individuals in their varied roles as workers, taxpayers and consumers," the Los Angeles Times noted.

As the 787-billion-dollar plan will move into the nation's economic bloodstream in stages, a majority of Americans should see more money in their pockets quickly, as a result of tax cuts designed to reduce withholding and fatten take-home pay, the paper said.

The bill provides billions for infrastructure repair, school renovations, aid for cash-strapped states, and aid for the unemployed in the form of healthcare subsidies and extensions of unemployment benefits, the paper said.

It also features a bevy of tax cuts designed to leave more money in the hands of businesses and individuals, said the paper.

The legislation would deliver its largest benefits to the nation's total gross domestic product by the end of this year, with the effect dropping some in 2010 and disappearing altogether by 2013, the paper quoted Congressional Budget Office as saying.

The bill would have its greatest effect in terms of increasing employment next year, when about 3.6 million jobs could be created, and in the next five years, the package could perhaps lead to the creation of as many as 11.6 million jobs, according to the budget office.

However, investments in science, basic research and the so-called green economy may not yield sizable benefits for years, even decades, the paper said.

Source:Xinhuanet 
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