Claim: $3 trillion for federal coronavirus stimulus packages is "being borrowed basically from China.
Verdict: REFUTES

Retrieved passages:
title: Chinese economic stimulus program
text: trillion yuan ($157 billion). The stimulus package has been criticized for causing a surge in Chinese debt after 2009. In 2011, Minxin Pei criticized Beijing for "resorting to massive bank lending to local governments, which then went on an infrastructure spending binge that's certain to haunt the country for years to come". A 2014 study by global think-tank Carnegie Endowment for International Peace concluded that "[China]'s debt problems are rooted in the government's November 2008 announcement of a 4 trillion yuan ($586 billion) stimulus package to counteract the effects of the global financial crisis." Chinese economic stimulus program The 2008–09

title: Chinese economic stimulus program
text: by the end of 2010. This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently announced by the United States, but which came from an economy only one third the size. The stimulus package will be invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's export driven economy started to feel the impact of the economic slowdown in the United States and Europe, and the government had already cut key interest rates three times in less than two months in a bid to

title: Great Recession
text: commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The Reserve Bank of Australia injected nearly $1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The Reserve Bank of India added almost $1.32 billion, through a refinance operation, its biggest in at least a month. On November 9, 2008, the Chinese economic stimulus program, a RMB¥ 4 trillion ($586 billion) stimulus package, was announced by the central government of the People's Republic of China in its biggest move to stop the global financial crisis from

title: American Recovery and Reinvestment Act of 2009
text: $27.2 billion Total: $14.7 billion Total: $7.6 billion Total: $10.6 billion ARRA included a protectionist 'Buy American' provision, which imposed a general requirement that any public building or public works project funded by the new stimulus package must use only iron, steel and other manufactured goods produced in the United States. A May 15, 2009, "Washington Post" article reported that the 'Buy American' provision of the stimulus package caused outrage in the Canadian business community, and that the government in Canada "retaliated" by enacting its own restrictions on trade with the U.S. On June 6, 2009, delegates at the Federation

title: Timothy Geithner
text: a former World Bank Chief Economist. The Troubled Asset Relief Program (TARP) and takeover of Fannie Mae and Freddie Mac amounted a combined outflow of $620.3 billion in Treasury funds in the form of spending, investments, and loans. As of July 2016, $689 billion has been returned to the Treasury, primarily in the form of refunds provided by bailed-out companies and revenue from dividends. This has earned the government a profit of $68.6 billion. Although President Obama expressed strong support for Geithner, outrage over hundreds of millions of dollars in bonus payments (or employee "retention" payments) by the American International

title: War on Cancer
text: and NCI" as well as working "with Congress to increase funding for the Food and Drug Administration." Their plan would provide additional funding for: President Obama's 2009 economic stimulus package includes $10 billion for the NIH, which funds much of the cancer research in the U.S., and he has pledged to increase federal funding for cancer research by a third for the next two years as part of a drive to find "a cure for cancer in our time." In a message published in the July 2009 issue of Harper's Bazaar, President Obama described his mother's battle with ovarian cancer

title: Chinese economic stimulus program
text: of the funds will be reallocated from the budget of provincial and local governments. Chinese banking officials were reportedly considering establishing a fund worth between 600 billion and 800 billion yuan to purchase domestic shares listed on the Shanghai Stock Exchange, particularly those in the Shanghai Composite, in the event the Shanghai Index fell to 1,500 points. On March 6, 2009, China's National Development and Reform Commission' announced a revision of the stimulus and published a breakdown of how the funds would be distributed. Public infrastructure development took up the biggest portion – 1.5 trillion yuan, or nearly 38% of

title: Chinese economic stimulus program
text: spur economic expansion. The stimulus package was welcomed by world leaders and analysts as larger than expected and a sign that by boosting its own economy, China is helping to stabilize the world economy. World Bank President Robert Zoellick declared that he was 'delighted' and believed that China was 'well positioned given its current account surplus and budget position to have fiscal expansion.' News of the announcement of the stimulus package sent markets up across the world. On the 15 of November, 2008, it was revealed that the central government would only provide 1.2 trillion yuan of funds. The rest

title: National fiscal policy response to the Great Recession
text: a sign that by boosting its own economy, China is helping to stabilize the world economy. World Bank President Robert Zoellick declared that he was ‘delighted’ and believed that China was ‘well positioned given its current account surplus and budget position to have fiscal expansion.' News of the announcement of the stimulus package sent markets up across the world. In April 2009 Japan announced a third stimulus plan of 15.4 trillion yen stimulus ($153 billion). This new plan includes 1.6 trillion yen investment in low-carbon technology, 1.9 trillion yen on employment programs, and 370 billion yen for new car subsidies.

title: Chinese economic stimulus program
text: the total package. The projects lined up include railway, road, irrigation, and airport construction. The second largest allocation – one trillion yuan – went to reconstruction works in regions hit by the 8-magnitude Sichuan earthquake in May 2008; that was followed by funding for social welfare plans, including the construction of low-cost housing, rehabilitation of slums, and other social safety net projects. Rural development and technology advancement programs shared the same amount of allocation – at 370 billion yuan each. Rural projects in the pipeline included building public amenities, resettling nomads, supporting agriculture works, and providing safe drinking water. Technology

title: Great Recession in the United States
text: Auction Facility, $700 billion to be raised by the Treasury for the Troubled Assets Relief Program, $200 billion insurance for the GSEs by the Treasury, and $1.5 trillion insurance for unsecured bank debt by FDIC. ProPublica maintains a "bailout tracker" that indicated about $626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while $713 billion had been repaid to the government ($390 billion in principal repayments and $323 billion in interest) indicating the bailouts generated $87 billion in profit. The Federal Reserve, Treasury, and Securities and Exchange Commission

title: Rudd Government (2007–10)
text: Rudd government announced in October 2008 that it would guarantee all bank deposits. The government initially ignored RBA advice to cap the guarantee. With the economy facing its biggest slowdown since the early 1990s and facing recession, the government announced an economic stimulus package worth $10.4 billion. A second economic stimulus package worth $42 billion was announced in February 2009. It consisted of an infrastructure program worth $26 billion, $2.7 billion in small business tax breaks, and $12.7 billion for cash bonuses, including $950 for every Australian taxpayer who earned less than $80,000 during the 2007-8 financial year. At the

title: National fiscal policy response to the Great Recession
text: on taxes to business investment. $184.9 billion was to be spent in 2009, and $399.4 billion was to be spent in 2010 with the remainder of the bill's appropriations spread over the rest of the decade. Announcements of rescue plans were associated with positive returns whereas a public intervention in favor of a specific bank showed negative impacts. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare by the end of 2010. This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently

title: National fiscal policy response to the Great Recession
text: announced by the United States, but which came from an economy only one third the size. The stimulus package will be invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's export driven economy started to feel the impact of the economic slowdown in the United States and Europe, and the government had already cut key interest rates three times in less than two months in a bid to spur economic expansion. The stimulus package was welcomed by world leaders and analysts as larger than expected and

title: Great Recession
text: hitting the world's second largest economy. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan ($586 billion) in infrastructure and social welfare by the end of 2010. The stimulus package was invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's export driven economy is starting to feel the impact of the economic slowdown in the United States and Europe, and the government has already cut key interest rates three times in less than two months in

title: United States policy responses to the Great Recession
text: assistance to states to help them finance health expenditures of Medicaid, and finally 13 billion spent to improve access to digital technologies. The administration also attributed of 13.4 billion dollars aid to automobile manufacturers General Motors and Chrysler, but this plan is not included in the stimulus plan. In an effort to increase available funds for commercial banks and lower the fed funds rate, on September 29, 2008 the U.S. Federal Reserve announced plans to double its Term Auction Facility to $300 billion. Because there appeared to be a shortage of U.S. dollars in Europe at that time, the Federal

title: Chinese economic stimulus program
text: Chinese economic stimulus program The 2008–09 Chinese economic stimulus plan () is a RMB¥ 4 trillion (US$586 billion) stimulus package announced by the State Council of the People's Republic of China on 9 November 2008 as an attempt to minimize the impact of the global financial crisis on the world's largest economy. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises. The economic stimulus plan was seen as a success and while China's economic growth dipped sharply to almost 6% during 4Q 2008 and 1Q

title: Lawrence Summers
text: economists including Paul Krugman and Joseph Stiglitz, had argued that more of the stimulus should be spent on infrastructure, while Summers had supported tax cuts. In late 2008, Summers and economic advisors for then-President-elect Obama presented a memo with options for an economic stimulus package ranging from $550 billion to $900 billion. According to "The New Republic", economic advisor Christina Romer initially recommended a $1.8-trillion package, which proposal Summers quickly rejected, believing any stimulus approaching $1 trillion would not pass through Congress. Romer revised her recommendation to $1.2 trillion, which Summers agreed to include in the memo, but Summers struck

title: Chinese economic stimulus program
text: 2009 it had recovered to over 8% in Q2 2009 and over 10% in Q3 2009. The World Bank subsequently went on to recommend similar public works spending campaigns to western governments experiencing the effects of the financial crisis but the U.S. and EU instead decided to pursue long-term policies of quantitative easing (the buying of trillions of dollars worth of government bonds or other financial assets in order to stimulate the economy and increase liquidity). A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare

title: Chinese foreign aid
text: gave about $75 billion, and lent about $275 billion — compared to $424 billion given by America during the same period. A fifth of this Chinese aid, $75 billion, was in the form of grants (about equivalent to Britain’s), while the rest was concessional lending at below-market interest rates. Official sources divide aid into three categories: grants, interest free loans, and concessional loans. Deborah Brautigam identifies in her book "The Dragon's Gift" nine types of aid from China including "medical teams, training and scholarships, humanitarian aid, youth volunteers, debt relief, budget support, turn-key or ‘complete plant’ projects [infrastructure, factories], aid-in-kind