Obama signed huge stimulus plan

02-18-2009 | AP

A $50 billion stimulus packet will help homeowners to fend off foreclosure

Panama Star Obama was traveling to Denver to sign the stimulus bill, which congressional Democrats pushed to passage last week over near-unanimous opposition from Republicans. Obama's first major piece of legislation, it's a $787 billion mix of tax cuts and one of the biggest public spending programs since World War II.

The setting for the signing was the Denver Museum of Nature & Science, underscoring the investments the new law will make in "green" energy-related jobs.

Meanwhile, General Motors Corp. and Chrysler LLC raced to complete recovery plans they were due to submit as part of their deal to receive billions of dollars in government loans. It was not clear they would make Tuesday's deadline.

The two automakers have been living off a combined $13.4 billion in federal bailout loans.