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Biden: We misread state of US economy

UNITED States Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.

Biden told TV network ABC's "This Week" yesterday that the nation's 9.5 percent unemployment rate was "much too high." He said: "The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there. We misread how bad the economy was, but we are now only about 120 days into the recovery package." More jobs will be created in coming months, he said.

Biden noted that the US$787 billion economic stimulus package was set up to spend the money over 18 months. Major programs will take effect in September, including US$7.5 billion for broadband Internet, plus new money for high-speed rail and the nation's electrical grid, he said.

It was premature to speculate on the need for a second stimulus package.


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