The American Recovery and Reinvestment Act (ARRA) was approved by President Barack Obama in 2009, and consisted on a stimulus package released with the aim of preventing the destruction of jobs, fostering the creation of new ones, and boosting the aggregate demand as a mechanism for economic recovery. Therefore, recovery from the recession of 2007-2009 was sought through the Keynesian way.
One negative effect of the spending schedule imposed by the ARRA, was that a great part of the money had to be borrowed. National debt was increased and this led to a deficit situation.
Explanation:
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