On Tuesday, February 17, US President Barack Obama signed his $787 billion economic stimulus plan into law in Denver. The successful passing and signing of the plan represent a major political victory for Obama, who became president less than a month ago.
Speaking at the signing ceremony, President Obama said that the plan was the most sweeping recovery package in US history. "We have begun the essential work of keeping the American dream alive in our time," Obama said, calling the legislation "the beginning of the end" of what is needed to fix the economy.
The rescue plan is aimed at saving or creating 3.5 million jobs and boosting consumer spending and rebuilding infrastructure, thereby reversing the US economic free fall.
President Obama said the bill will fund record investments in education, new energy research and new infrastructure that he says will lay the foundation for the nation's economic future. The bill includes a $400 tax break for most individual workers and $800 for married couples and will extend to those who do not earn enough to pay income taxes.
At the same time, the two-year bill expands social-safety nets, including food-stamp and child-nutrition programs. There are also increased unemployment benefits and health-care access for those thrown out of work.