Barack Obama’s $819 billion stimulus package passed the House of Representatives Wednesday.
The stimulus plan includes $550 billion in direct investment for infrastructure, broadband, and health care delivery systems. Additional funding is being offered to State and Local Government at a time budgets are being cut.
“This recovery plan will save or create more than three million new jobs over the next few years,” President Obama said in a statement. “I can also promise that my administration will administer this recovery plan with a level of transparency and accountability never before seen in Washington,” which is a change from previous bailouts and spending which has been totally unaccountable.
Details of where the money is being spent will be available on recovery.gov.
The package now goes to the Senate, where the administration is more confident of picking up some Republican votes. 11 House Democrats voted against the bill, along with every Republican representative.
Meanwhile speculation is mounting that the US Government is looking at a second bailout of banks, many of who spent their first round of bailout money on takeovers and corporate bonuses. The only question becomes: how many more times can the US Government hand out money before it runs out of money itself.