U.S. President Barack Obama says he hopes to sign a massive stimulus package into law in a few weeks.
At the White House today, Wednesday, Mr. Obama said most of the money in the package will be used immediately and go directly to efforts to save or create three million to four million new jobs. He acknowledged skepticism about the size and scale of the package, but said it will include measures that will allow Americans to hold his administration accountable.
The legislation would spend 825 billion dollars on numerous domestic projects, and includes 275 billion dollars in tax cuts. Mr. Obama spoke after meeting with chief executive officers of major companies to discuss the stimulus plan.
The U.S. House of Representatives is poised to vote on the package later today. Democrats in the House have enough votes to pass the bill, but Mr. Obama wants broad bipartisan backing for the measure. The president on Tuesday lobbied skeptical Republican Party members, who have said that the plan spends too much and does not offer enough tax cuts.