Friday, March 19, 2010

Obama Signs Jobs Bill, Says More Must Be Done

After signing the jobs bill in to law this morning, President Obama stressed that there was still a lot more to be done to stimulate job growth in the country. The bill – which includes $18 billion in tax breaks and $20 billion to fund highway and transit programs – has been the center of debate since it was first unveiled, with many critics claiming that it will do little to help the unemployment problem. The Associated Press published a story on the new bill’s passage into law this morning, checkout a section of their article below.

President Barack Obama on Thursday signed into law a package of tax breaks and spending designed to give the nation a jobs boost by encouraging the private sector to start hiring again.

It's the first of several such measures Democrats have promised this election year to address the public's top worry: jobs. The measure includes about $18 billion in tax breaks and pumps $20 billion into highway and transit programs.

At a ceremony in the sunny White House Rose Garden, Obama said the bill is necessary "but by no means enough."

"There is a lot more we need to do to spur hiring in the private sector and bring about full economic recovery," he said.

There is plenty of skepticism that the new law will do much to foster hiring. Optimistic estimates are that the tax break could generate perhaps 250,000 jobs through the end of the year; some 8.4 million jobs have been lost since the start of the recession.

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