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The U.S. Federal government under President Roosevelt began, in 1933, a num ber of projects designed to give financial assistance and work to the large num ber ofpeople thrown out ofemployment by the great depression, which followed the stock market collapse on Wall Street in 1929. This change of policy was called the New Deal. It met with a certain amount of opposition, because it led to budget deficits.
Reference: The Penguin Dictionary of Economics, 3rd edt.
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