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Obama Signs $787 Billion Stimulus Plan

Posted on 17 Feb 2009

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U.S. President Barack Obama has signed his hard-fought economic stimulus plan in Denver, after Congress approved the $787 billion package last week.

At a signing ceremony in Denver, he said it was "the most sweeping recovery package in our history".

The plan got no Republican support in the House of Representatives and just three Republican votes in the Senate.

Republicans say the tax cuts are insufficient, and that the economy will be saddled with debt for years to come.

The signing of the massive stimulus measure is designed to start the flow of federal money toward infrastructure projects, health care, renewable energy development and conservation programs.

The approved version of the plan is split into 36% for tax cuts and 64% in spending and money for social programs.

Mr. Obama said: "I don't want to pretend that today marks the end of our economic problems, nor does it constitute all of what we're going to have to do to turn our economy around, but today does mark the beginning of the end."

He said part of the plan would put Americans back to work in critical areas such as roads and rail infrastructure.

"[Today is] the beginning of first steps to set our economy on a firmer foundation," Mr. Obama told an audience at a museum in Denver.