Term marked by a deep recession that began in previous administration and officially ended within six months, and gradual recovery with persistently high jobless rates of above 8 percent until the last two months of the campaign. Mixed jobs report for October showed unemployment rising to 7.9 percent from 7.8 percent in September, but strong hiring as more people started looking for work. Obama responded to the recession with a roughly $800 billion stimulus plan that nonpartisan Congressional Budget Office estimated cut the unemployment rate by up to 1.8 percentage points. Continued implementation of Wall Street and auto industry bailouts begun under George W. Bush. Proposes tax breaks for U.S. manufacturers producing domestically or repatriating jobs from abroad and tax penalties for U.S. companies outsourcing jobs. Won approval of South Korea, Panama and Colombia free-trade pacts begun under previous administration, completing the biggest round of trade liberalization since the North American Free Trade Agreement and other pacts went into effect in the 1990s.
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