Obama and the Billions - a Love Story (?)

This might be old news for most people but I'm still trying to figure out the most effective way to get my news on a daily basis so the actual news reflection takes a bit longer than it should.


Obama announced yesterday that he will spend $75 billion to help prevent 9 million houseowners from loosing their homes. This will also help to stabilize the housing market and in the long run help the U.S recession from getting worse.

So far so good. Even though the Johnson City Press doesn't seem to like this very much, due to the fact that their headline was "President throws $75 billion lifeline to homeowners" (my underlining).

But we also have the federal stimulus package (this is the actual legislation)

On Washington Watch website I read;
"American Recovery and Reinvestment Act of 2009 - Calls for the enactment of legislation to create jobs, restore economic growth, and strengthen America's middle class through measures that: (1) modernize the nation's infrastructure; (2) enhance America's energy independence; (3) expand educational opportunities; (4) preserve and improve affordable health care; (5) provide tax relief; and (6) protect those in greatest need."

The $787 billion is supposed to be distrubited amongst the different states and projects in special need. But I don't know if the "houseowner" money is a part of that or if it is something extra on top of this.

I read in the Johnson City Press that Tennessee may use some of the money they will recive to "reduce the the number of state workers facing layoffs". I also read that the states of Texas, Mississippi, Lousiana, Alaska, South Carolina and Idaho might not accept the money from the stimulus package. They are not even sure if they believe that the package is going to help the economy at all.

This is as far as I know the most important thing right about now. Everyone is affected by the American economy and what is going on is important to know. I hope that the package will have a positive outcome but I guess that is yet to come.


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