Senate announced the final plans of the Economic Stimulus package which will cost $789 billion and is designed to create millions of jobs for our nation which is struggling through the current recession. Next step, signature from President Barack Obama which should happen in the next couple days. Senate and House agreed on $789 billion after Senate originally proposed $700 billion whereas the House proposed $1 Trillion. Senate Majority Leader said "The middle ground we've reached creates more jobs than the original Senate bill and costs less than the original House bill." The bill also includes help for middle America who has suffered during these times. This aid will come in forms of unemployment benefits, food stamps, health coverage, etc. This bill proposes huge threats to State governments as they expect to face the consequences and receive hugh Budget cuts which will eliminate many state provided programs. The proposed plan should create over 3.5 million jobs. Caterpillar Inc. (CAT) received a nice surprise as the stimulus will help the company avoid most of the 22,000 layoffs the firm recently announced. Overall i am glad to hear the bill was reduced from the $1 trillion dollar amount as we can no longer continue to assume this much debt as the long-term effects will be worse than the short-term benefits. If managed properly this plan should stimulate the economy and allow for a quick recovery something everyone is hoping for.
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