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| Obama signs $787bn stimulus plan | Obama signs $787bn stimulus plan |
| (20 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. | 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 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. |
| 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 |
| Mr Obama said: "I don't want to pretend that today marks the end of our economic problems, nor does it constitute all of what we're going to have to do to turn our economy around, but today 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. | |
| "[Today is] the beginning of first steps to set our economy on a firmer foundation," Mr Obama told an audience at a museum in Denver. | |
| Mr Obama also hopes to stimulate technical innovation. | |
| "Just as President Kennedy sparked an explosion of innovation when he set America's sights on the Moon, I hope this investment will ignite our imagination once more, spurring new discoveries and breakthroughs in science, in medicine, in energy, to make our economy stronger and our nation more secure, and our planet safer for our children." | |
| US Vice-president Joe Biden praised Mr Obama's swift work since coming to office in January. | |
| "Less than a month into his presidency, the president is about to sign into law what is, I believe, a landmark achievement. | |
| "Because of what he did America can take a first very strong step leading us out of this very difficult road to recovery we find ourselves with. So, on behalf of our country and its people, Mr President, let me presume to say: thank you, we owe you a great deal." | |
| 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. |