Authored by Jon Mercer in Economy
Published on 01-29-2009
In a recent Los Angeles Times article, Washington insiders say that President Obama’s massive stimulus plan could be approved within a month if all goes well. President Obama said that the economic crisis calls for unprecedented action, and he has hoped to be able to sign into law the new plan that is expected to save or create three to four million jobs over the next few years by the end of February.
With more Americans filling for unemployment benefits this month than at any time in the past 26 years, the urgency of an economic stimulus is at the top of the agenda for President Obama. The President met with Democratic and Republican congressional leaders this week at the White House to discuss his hopes of enacting an economic recovery plan by Presidents Day, which is February 16.
The American Recovery and Reinvestment Act, as it is formally called, is the Obama administration’s far-reaching plan for creating jobs and advancing the production of alternative energy, health care, education, transportation, and internet access.
President Obama delivered talked about the plan in his weekly address on the internet via the White House website. In the address earlier today, the President said, “I know that some are skeptical about the size and scale of this recovery plan. I understand that skepticism, which is why this recovery plan must and will include unprecedented measures that will allow the American people to hold my administration accountable for the results.” Encouragingly, the President also said, “We won’t just throw money at our problems-we’ll invest in what works.”
There is also a new website to monitor the spending of the recovery plan: www.recovery.gov. For the time being, the site displays the message “check back after the passage of the American Recovery and Reinvestment Act to see how and where your tax dollars are being spent.” The President said that an unprecedented effort to get rid of waste and inefficiency was needed, as well as putting a stop to unnecessary government spending and holding politicians accountable.
President Obama also has plans to create or save three to four million jobs, and he has proposed doubling the nation’s capacity to generate energy with wind, solar power and bio-fuels in the next three years. He also has a plan to computerize the nation’s healthcare records within the next five years, and to protect health insurance benefits for more than eight million Americans who are in danger of losing their coverage during the economic slump.