Obama Approves Economic Stimulus Package

President Obama has signed into law the American Recovery and Reinvestment Act, a $787 billion stimulus packaged intended to create jobs, jump-start growth and transform the U.S. economy to compete in the 21st century, according to the White House. The package provides direct tax relief to working-class and middle-class families, expands unemployment insurance and offers payments to Social Security beneficiaries and veterans.

Obama is expected to announce details of a new foreclosure-prevention plan later this week. ‘We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes – something I will talk more about tomorrow,’ he stated at the signing ceremony.

SOURCE: White House


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