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The United States will benefit from the biggest public-works spending package in half a century next year as the incoming administration pledges aggressive action to get the country back on track.
American stocks rallied on the news, sending the Dow Jones to a one-month high of 8,934 with other markets around the world following suit.
“We need to act with the urgency this moment demands to save or create at least two and a half million jobs so that the nearly two million Americans who’ve lost them know that they have a future. And that’s exactly what I intend to do as President of the United States,” Mr Obama said.
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