RANCHO MIRAGE, Calif. (AP) — A costly spending bill that President Obama signed into law five years ago was good for the U.S. economy and it helped the nation avoid a modern day Great Depression, the White House said Monday.
The White House said in a new report that the bill, among other things, saved or created an average of 1.6 million jobs a year between 2009 and 2012. Obama signed the massive spending bill just a few weeks into the job to help the economy recover from its worst downturn in a generation.
Republicans are taking a dimmer view, however, arguing that the $787 billion economic stimulus bill amounted to too much spending to get too little benefit.
Republican House Speaker John Boehner said too many Americans are still looking for jobs that Obama's administration promised.
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