President Barack Obama
Barack Obama 44th President of the United States
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Feb14
Congress Passes $787 Billion Stimulus Bill; Big Win For President Obama
Filed under: President Barack Obama; Tagged as: banking crisis, housing crisis, obama administration, stimulus billNo CommentsPresident Barack Obama secured his first major legislative victory of his new presidency when Congress approved a $787 billion stimulus-spending bill. Dubbed the American economic recovery plan by the Obama administration, the bill represents a compromise between differing Senate and House of Representatives version, worked out in a conference committee before final approval by both houses of Congress.In securing his stimulus plan, Barack Obama sought bipartisan support. Ultimately, however, not a single Republican congressman voted for the stimulus bill In the Senate, only three Republican senators backed the legislation, reflecting the bare number needed for approval without the risk of a filibuster.
With the U.S. economy in a deep and worsening recession, President Barack Obama insisted that major stimulus spending was necessary to stem the hemorrhaging of jobs. Since the recession began, more than three million Americans have joined the ranks of the unemployed. President Obama has now scored an important victory, however with the economy facing grave challenges, his work is far from done. Obama will be focusing in the days ahead on the banking and housing crisis.