Citing the possibility of 10% unemployment by year’s end, President Obama says he wants to see how the current stimulus helps before initiating a second stimulus.
From Hans Nichols and Julianna Goldman, Bloomberg:
President Barack Obama said he expects the U.S. unemployment rate will exceed 10 percent this year, though a second stimulus package isn’t needed yet.
“I think its important to see how the economy evolves and how effective the first stimulus is,” Obama said at a White House news conference.
He said it is “pretty clear” that unemployment will continue rising before the recovery takes hold and said it isn’t surprising that initial forecasts from his administration missed the mark.
