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Summers, director of the White House’s National Economic Council, said that the president was attempting to strike a balance between tax cuts and longer-term initiatives in the bill, like spending on renewable energy and college tuition assistance.
President Obama has pledged that three-quarters of the fund will be spent out in the first 18 months, Mr. Summers said in defense of the plan.
“We believe that this is a properly sized approach to move the economy forward,” he said.
He also said that there might be additional assistance to banks beyond the $700 billion Troubled Asset Relief Program already approved by Congress...
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