By Xavier Guerrero
The stimulus package was finally passed after much debate and delegation in the Senate. Obama's original budget, which at one point got up to $890 billion dollars for the package, ended up at $787 billion dollars. Although Obama's options have now been limited because of the reduction on the expected budget, he now takes the offensive on making the stimulus package work.
Since Obama inherited the financial crisis, he now has to keep working on some of the previous plans that were put into play in the Bush administration, for example, the financial bailout of $700 billion dollars that occured in 2008. Obama is now going to take up on step 2 of that financial bailout; he plans on leveraging the second portion of the bailout money into a program that could result in $2 trillion in government and private sector cash infusions to help banks and investment houses clear away some of their so-called "toxic" holdings and thereby spur lending. The part of his plan to help homeowners facing foreclosure is designed not only as succor to the public but to boost confidence in the financial community.
Obama is currently focused on taking the money out of Washington and into the economy.
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Sources-
USAtoday.com
Newyorktimes.com
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