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Obama signs $787bn stimulus plan | |
(10 minutes later) | |
US President Barack Obama has signed his hard-fought economic stimulus plan in Denver, after Congress approved the $787bn (£548bn) package last week. | |
At a signing ceremony in Denver, he said it was "the most sweeping economic recovery package in our history". | At a signing ceremony in Denver, he said it was "the most sweeping economic recovery package in our history". |
The plan got no Republican support in the House of Representatives and just three Republican votes in the Senate. | The plan got no Republican support in the House of Representatives and just three Republican votes in the Senate. |
Republicans say the tax cuts are insufficient, and that the economy will be saddled with debt for years to come. | Republicans say the tax cuts are insufficient, and that the economy will be saddled with debt for years to come. |
The signing of the massive stimulus measure is designed to start the flow of federal money toward infrastructure projects, health care, renewable energy development and conservation programmes. | The signing of the massive stimulus measure is designed to start the flow of federal money toward infrastructure projects, health care, renewable energy development and conservation programmes. |
The approved version of the plan is split into 36% for tax cuts and 64% percent in spending and money for social programmes. | The approved version of the plan is split into 36% for tax cuts and 64% percent in spending and money for social programmes. |
Mr Obama said: "I don't want to pretend that today marks the end of our economic problems...but it does mark the beginning of the end." | |
He said part of the plan would put Americans back to work in critical areas such as roads and rail infrastructure. | |
STIMULUS PACKAGE $240bn in tax breaks for individuals and businesses$140bn for health care$100bn for education$48bn for transportation projects Source: Associated Press Battle exposes partisan riftsSend us your comments | STIMULUS PACKAGE $240bn in tax breaks for individuals and businesses$140bn for health care$100bn for education$48bn for transportation projects Source: Associated Press Battle exposes partisan riftsSend us your comments |
Protectionism | Protectionism |
The bill also includes a controversial "Buy American" provision that, despite being watered down, has angered US trading partners. | The bill also includes a controversial "Buy American" provision that, despite being watered down, has angered US trading partners. |
On Monday, Brazil's Foreign Minister, Celso Amorim, threatened to challenge the legality of the clause at the World Trade Organization (WTO). | On Monday, Brazil's Foreign Minister, Celso Amorim, threatened to challenge the legality of the clause at the World Trade Organization (WTO). |
"It's a complex legal analysis, but we're doing it," Mr Amorim told state television. "[Going to the WTO] is a real option," he added. | "It's a complex legal analysis, but we're doing it," Mr Amorim told state television. "[Going to the WTO] is a real option," he added. |
The approved plan stipulates that public works and building projects funded by the stimulus use only US-made goods, including iron and steel. | The approved plan stipulates that public works and building projects funded by the stimulus use only US-made goods, including iron and steel. |
The EU and Canada had earlier said that provisions favouring American-produced materials for government projects risked provoking retaliatory protectionist measures. | The EU and Canada had earlier said that provisions favouring American-produced materials for government projects risked provoking retaliatory protectionist measures. |
Earlier this month, Brazil's President Luiz Inacio Lula da Silva told the BBC that in the good years, the rich countries had talked a lot about free trade and the market. | Earlier this month, Brazil's President Luiz Inacio Lula da Silva told the BBC that in the good years, the rich countries had talked a lot about free trade and the market. |
Now they had created a crisis they should not turn to the protectionism which had so often held the world back, President Lula said. | Now they had created a crisis they should not turn to the protectionism which had so often held the world back, President Lula said. |