(PTI): US Vice President Joe Biden says the Obama Administration miscalculated the severity of the economic situation, insisting that the stimulus package will be promising.
Appearing on ABC’s “This Week” on Sunday Biden said that the administration fully supports the stimulus package and believes it could generate more jobs in the future.
“We misread how bad the economy was, but we are now only about 120 days into the recovery package,” AP quoted Biden as saying.
More jobs will be created in the coming months, he added.
The US unemployment rate in June hit a 26-year high of 9.5 percent after American employers slashed 467,000 jobs.
Tags: Biden, Economic crises, Misread, Obama Administration, US Vice President