US President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears that the recession would deepen despite government action in many countries.
Obama, who has described the package as one part of a plan to solve his country's economic ills, was expected to lay out a strategy on Wednesday to stem home foreclosures and address the housing crisis that sparked the financial sector meltdown.
The package includes working class tax cuts, infrastructure spending, help for the poor and unemployed and investment in alternative energy. Obama has predicted that the stimulus plan will save or create more than 3.5 million jobs over the next two years.
Wednesday, February 18, 2009
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