Lasitha Silva’s Web’log

Posts Tagged ‘Financial crisis

obama1

Most recenlt, President Obama won the votes for his “stimulus plan” for $787 billion showing the voters’ interest on his mission.

“This historic step won’t be the end of what we do to turn our economy around, but the beginning,” Obama said in his weekly radio and Internet address.

Obama has scored a significant victory as the Congress on Friday finally approved his massive stimulus package, an unprecedented attempt to jump-start the ailing American economy.

The 787 billion dollar package was approved by a vote of 246-183 in the House of Representatives but with no Republican support. Hours later, the bill advanced in the Senate by a vote of60-36. Three centrist Republicans joined Democrats to move the legislation forward.

But Obama expressed his confidence that the U.S. could work through the economic crisis.

“It will take time, and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a brighter future,” he said.

In addition to roughly 286 billion dollars in tax cuts and 54 billion dollars for cash-strapped states, the package contains 311billion dollars in appropriations, including 120 billion dollars in infrastructure, 14.2 billion dollars for health care, 105.9 billion dollars for education and training.

All these dollars he wish to spend and recover I hope will do good for the US and globally recovering the crisis. We in Sri Lanka didn’t feel the crisis much for a reason unknown to me. But the businesses with global sharing suffered with tax imposes and other penalties resulting a bad accounting session. However if the stimulus fails, Obama would try another dart. Lets keep watching..

Source : http://news.xinhuanet.com/

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