US President Barack Obama on Tuesday signed a 787-billion-dollar economic stimulus bill into law in Denver, Colorado, calling it the first step to pave the way to long-term growth.
The sweeping economic rescue package, the American Recovery and Reinvestment Act, is designed to jolt the ailing US economy by providing government spending and tax cuts for both individuals and businesses.
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US President Barack Obama(C) signs the American Recovery and Reinvestment Act Bill next to US Vice President Joseph Biden(L) at the Denver Museum of Nature and Science February 17, 2009. 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. [Xinhua]
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"I don't want to pretend that today marks the end of our economic problems nor does it constitute all of what we have to do to turn the economy around," Obama said before signing the bill.
"But today does mark the beginning of the end -- the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs.
"The beginning of what we need to do to provide relief for families worried they won't be able to pay next month's bills.
"The beginning of the first steps to set our economy on a firmer foundation, paving the way to long-term growth and prosperity," the president said.
Obama signed the bill at the Denver Museum of Nature & Science. He will then take a tour of the museum's installation of solar panels, according to a White House press release.
The president is underscoring investments the spending plan will make in the "green" energy-related jobs by signing the bill in Colorado, a state its governor Bill Ritter described on Tuesday as "the home of new energy economy," news reports say.