Washington: 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 on Friday after weeks of intense deliberations.
The bill makes available to the Obama Administration $789 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 Sunday, 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.
”We thought Denver would be as good a place as any to highlight some of the investments to put people back to work particularly clean-energy jobs and to focus people on those long-term investments that will help our long-term economic growth,“ Gibbs said.
On why Obama has chosen a place out of Washington to sign the historic bill, Gibbs said: “He wants to get out of Washington and show people all across America the benefits of what’s inside this economic recovery and reinvestment plan.”
However, Gibbs warned Americans not to expect any immediate miracle and turnaround in the economy. This would take time, he said, echoing Obama.
“The acceleration in job loss probably means that the economy is going to get worse before it gets better. We’re happy that Congress, in a bipartisan way, took steps to make whatever happens in this recession easier to take for the American people,” Gibbs said.
At the same time Gibbs hoped these jobs would begin to get created very quickly.
“We think the money is going to get out the door relatively quickly to help States, so they don’t have to lay off police officers or firefighters or teachers, that we can help create jobs through investment in alternative energy that will double the amount of alternative energy production in just a few years,” he said.