Among the steps that were taken to address the post-2008 economic crisis were changes in regulations concerning how mortgage loans are originated and a number of economic stimulus efforts. These measures used government spending or tax incentives to support or revive an economy in recession.
Examples of elements of the stimulus efforts were government payments to large financial services firms (to stabilize at-risk businesses), tax credits to qualifying families, funding for capital improvement projects (such as bridges, roads, and the nation’s electrical grid), a $8,000 tax credit for first-time home buyers, government subsidies of COBRA health insurance for unemployed workers for up to nine months, and deduction of sales taxes to buy a new car purchased during 2009.
Information on the federal efforts are described in more detail at www.recovery.gov.
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