Obama Signs $787B Stimulus Bill
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Following Congressional approval late last week, President Barrack Obama is expected to sign into law the $787 billion economic stimulus plan on Tuesday.
The plan, which had nearly zero Republican support, is aimed at saving or creating up to 3.5 million jobs largely with the help of massive government spending. Republicans have been critical of the bill, arguing that it is filled with wasteful spending and doesn't do enough short-term to stimulate the economy. Republicans would have liked to see much more tax breaks for individuals and businesses.
Speaking in his weekly address, Obama called the passage of the American Recovery and Reinvestment Act, as it is known, a "major milestone on our road to recovery" although he cautioned that we have many miles yet to go.
The plan will expand unemployment benefits, will provide tens of billions to cash-strapped states, and has billions more for transportation projects. There is also restrictions on executive compensation for those companies receiving government aid and a number of initiatives for alternative energy. The final draft of the stimulus bill, complete with last minutes edits, can be seen here: Appropriations section and Tax package.
In an effort of transparency, the administration has created a new website, Recovery.gov, which will track how the funds are being spent.
In a promise of more government regulation Obama said, "we must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again."
Addressing concerns about the burgeoning federal deficit, which could reach $2 trillion, Obama said he will submit a proposal for the federal budget that "will begin to restore the discipline these challenging times demand."
Tackling the massive home foreclosure problem, Obama is expected to unveil a new plan on Wednesday which could subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test.
UPDATE: the President has now successfully signed the bill into law.
The plan, which had nearly zero Republican support, is aimed at saving or creating up to 3.5 million jobs largely with the help of massive government spending. Republicans have been critical of the bill, arguing that it is filled with wasteful spending and doesn't do enough short-term to stimulate the economy. Republicans would have liked to see much more tax breaks for individuals and businesses.
Speaking in his weekly address, Obama called the passage of the American Recovery and Reinvestment Act, as it is known, a "major milestone on our road to recovery" although he cautioned that we have many miles yet to go.
The plan will expand unemployment benefits, will provide tens of billions to cash-strapped states, and has billions more for transportation projects. There is also restrictions on executive compensation for those companies receiving government aid and a number of initiatives for alternative energy. The final draft of the stimulus bill, complete with last minutes edits, can be seen here: Appropriations section and Tax package.
In an effort of transparency, the administration has created a new website, Recovery.gov, which will track how the funds are being spent.
In a promise of more government regulation Obama said, "we must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again."
Addressing concerns about the burgeoning federal deficit, which could reach $2 trillion, Obama said he will submit a proposal for the federal budget that "will begin to restore the discipline these challenging times demand."
Tackling the massive home foreclosure problem, Obama is expected to unveil a new plan on Wednesday which could subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test.
UPDATE: the President has now successfully signed the bill into law.
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