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OMB Director Defends White House's $787 Billion Economic Stimulus Plan
President Barack Obama's budget chief is defending the White House's $787 billion economic stimulus package, saying it will soon "ramp up" as planned and emphasizing that judging the plan based on recent jobs figures is "misleading." "The recovery act has encountered some criticism in recent days -- from all sides," Office of Management and Budget Director Peter Orszag said in a speech at the Council on Foreign Relations. But, he said, people need to understand what the stimulus package was designed to do. The stimulus plan, signed by Obama in February, has been criticized by Republicans and some Democrats as the U.S. economy continues to shed jobs. The unemployment rate hit 9.5% in June, the highest since 1983.

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