Wednesday, February 18, 2009

Obama Set To Sign Stimulus Bill Into Law

After weeks of renovation and a long approval process, Obama is now making his way to Denver, to sign his Stimulus Bill into law at a science museum. posted a video and article discussing the plan and how it went. A portion of the article can be found below, but the video and full post can be viewed here.

As President Obama boarded Air Force One this morning for Denver, he left behind Washington D.C., where the stimulus bill faced nearly unanimous Republican opposition.

Instead, he'll sign the bill at a science museum, and focus on investment in green jobs and technology like wind and solar power.

It's a massive bill combining spending and tax breaks -- $787 billion dollars in all.

Some of the first money, $27 billion, will go to states for projects like road and bridge repair.

The bill also includes a $400 tax credit and incentives to buy first homes and new cars.

There's $100 billion in new spending for schools and colleges.

Unemployment and food benefits will be extended, a bit of help for these auto industry employees, who learned just yesterday, they're losing their jobs.

But will it work, and how fast? So far, stocks have tumbled as Wall Street investors worry it may be some time before the stimulus money helps turn the economy around.

GM and Chrysler, which have already received billions in federal loans, must submit plans to the government for staying viable by the end of the business day.

While the Obama administration reviews the proposals, the automakers will ask for another $7 billion dollars.

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