President Barack Obama has signed the $787 billion American Recovery and Reinvestment Act into law on Tuesday after a grueling and long debate between Democrats & Republicans on whether the bill should be passable to revive our crumbling economy.
Before signing the bill, the President quickly reassured Americans of the long road ahead to better economic times and that of course this package would not quickly solve all of our problems.
Today does not mark the end of our economic troubles,” Obama said before signing the bill at the Denver Museum of Nature and Science. “But it does mark the beginning of the end – the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs; to provide relief for families worried they won’t be able to pay next month’s bills; and to set our economy on a firmer foundation.
In case some readers aren’t in the loop with what this plan consists of and would like to read the full outline of the stimulus plan, they can visit U.S. House of Representatives Committee on Appropriations and/or the Library of Congress to read this bill.
With the recovery package signed, Obama is now putting his attention on the housing market. He will travel to Phoenix, Arizona on Wednesday to reveal his $50 billion foreclosure prevention program to help homeowners who are struggling to keep their homes. Phoenix is one of the cities that has been hit the hardest according to foreclosure numbers. There hasn’t been many details given according to this program, however officials are looking to lend a hand to homeowners who are in danger of defaulting on their mortgages and for those who find themselves unable to keep up with the payments.