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Summers: Stimulus Will Pass Within A Month

4732106Lawrence Summers, the incoming director of the National Economic Council under President-Elect Barack Obama, said this morning on CBS' Face The Nation that he expects the new administration's $825 billion stimulus package to pass "within a month."

"Some of the adjustments can take place almost immediately" after the plan passes, Summers told Face the Nation host Bob Schieffer. He predicted that people will "more income in their paychecks [and] state and local governments will get support so they can prevent layoffs of teachers, policemen, other essential personnel."

"And there are a ton of shovel-ready projects that are out there that are being cancelled right now that aren't going to have to be cancelled when this program passes," Summers added, in reference to planned infrastructure projects.

He also reiterated the Obama administration's prediction that the stimulus package will create between three and four million jobs.

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