Obama signs $787B stimulus bill into law

Updated: 2009-02-18 19:10

(chinadaily.com.cn)

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US President Barack Obama on Tuesday signed his 787-billion-dollar economic stimulus bill into law, calling it a beginning, but not the whole answer to America's economic woes. While this happened, global markets plunged on fears the recession will deepen despite the actions of governments around the world.

Obama describes the American Recovery and Reinvestment Act as part of a plan to solve the country's economic ills.

The sweeping economic rescue package pumps money into infrastructure projects, health care, renewable energy development and conservation.

The stimulus plan aims to save or create 3.5 million jobs over the next two years, ending the worst US economic crisis since the 1930s.

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