February 18, 2009 - 7:18am
$787 billion economic stimulus package was finally singed into law by the President Barack Obama on Tuesday. While he expressed his belief in that the bailout will help the U.S. economy he still noted that this is not the end of troubles. Obama said that it is not all that America needs to do to revive the country but he thinks that the stimulus will be a starting point for the U.S. to create jobs, provide relief to families and pave the way for long-term growth.
The bill was approved by the Congress on February 13 with Democrats voted actively while no Republicans voted for it in the House and only three voted for it in the Senate. Republicans noted that the bill was full of wasteful spending. The bailout funds are scheduled to be invested in alternative energy projects, tax cuts for individuals and businesses as well as aid to states.
The administration plans to start a $50 billion program to modify mortgages for troubled homeowners. The Treasury Department plans to use $50 billion of the remaining $350 billion in a bank-bailout fund for a program to help troubled homeowners avoid defaulting on their loans by subsidizing mortgage payments. Besides, the government also expects General Motors Corp. and Chrysler LLC. to provide restructuring plans on their industry.
Among other things $30 billion will be spent to modernize the electric grid, spur advanced battery manufacturing and fund energy efficiency projects. There is $29 billion included for road and bridge infrastructure construction and $19 billion for hospitals and doctors who computerize their medical records.
The Obama’s administration expects the legislation will save or create 3.5 million jobs. Meantime, Associated General Contractors of America forecasts that the bill’s $135 billion in infrastructure investments alone will save or create 2 million jobs, including 650,000 construction jobs.
The bill was approved by the Congress on February 13 with Democrats voted actively while no Republicans voted for it in the House and only three voted for it in the Senate. Republicans noted that the bill was full of wasteful spending. The bailout funds are scheduled to be invested in alternative energy projects, tax cuts for individuals and businesses as well as aid to states.
The administration plans to start a $50 billion program to modify mortgages for troubled homeowners. The Treasury Department plans to use $50 billion of the remaining $350 billion in a bank-bailout fund for a program to help troubled homeowners avoid defaulting on their loans by subsidizing mortgage payments. Besides, the government also expects General Motors Corp. and Chrysler LLC. to provide restructuring plans on their industry.
Among other things $30 billion will be spent to modernize the electric grid, spur advanced battery manufacturing and fund energy efficiency projects. There is $29 billion included for road and bridge infrastructure construction and $19 billion for hospitals and doctors who computerize their medical records.
The Obama’s administration expects the legislation will save or create 3.5 million jobs. Meantime, Associated General Contractors of America forecasts that the bill’s $135 billion in infrastructure investments alone will save or create 2 million jobs, including 650,000 construction jobs.