US president Barack Obama would sign into law the American Economic Recovery and Reinvestment Act in Denver on Tuesday.
The bill, popular as economic stimulus package, was passed by the US Congress Friday after weeks of intense deliberations.
The bill makes available to the Obama Administration USD789 billion to revive and recover the US economy by funding projects, offering bailout packages to sinking companies and making investments in infrastructure projects.
All this Obama says would create or save as many as 3.5 million jobs in the next two years. As many as 3.6 million people have lost jobs since the recession began in December 2007. More than half of them have been rendered unemployed in the last three months, which economic analysts say is unprecedented in decades.
Obama, who had been pitching hard for the stimulus package at town hall meetings and public appearances in the last fortnight, said that it immediate efforts are not made now this would turn into an economic catastrophe.
Appearing on a talk show yesterday, the White House spokesperson, Robert Gibbs, said Obama is travelling to Denver on Tuesday where he would sign American Economic Recovery and Reinvestment Act into law.
