Stimulus bill could backfire on US: Experts
The US Senate has taken an important step in the fight against recession by passing the $838-billion economic stimulus bill, but the bill's protectionist clauses could backfire and hamper the country's recovery, Chinese economists said yesterday.
The Senate approved the stimulus package on Tuesday after a long and fierce debate. But it is still bickering with the House of Representatives on tax cuts and details of government deficit as they try to hammer out a compromised version for US president Barack Obama to sign into law.
"It's a major step to save the US economy, though uncertainties about the US economic prospects persist," said Dong Yuping, an economist with the Institute of Finance and Banking of the Chinese Academy of Social Sciences.
