Tuesday, January 20, 2009
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Boston Globe: 'Shovel ready' projects aim to get money working fast
What does President-elect Barack Obama mean by "shovel ready"? The term, which he has been using to describe projects he favors for the stimulus spending package, refers to projects that are already designed and permitted and able to break ground within three to four months. He has also insisted on "use it or lose it" provisions that would take the money back if it's not put to work quickly. Why all the rush? The biggest challenge for stimulus spending is getting money into the economy quickly, according to economists. Often, by the time such programs are enacted by Congress and put in place, the recession is over and a recovery under way.
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