• President Barack Obama drafted the 2009 Stimulus Package which was passed by the Congress after several revisions on February 13, 2009. Obama signed the stimulus bill into law on February 17, 2009.

  On April 29, 2009, Congress approved a five-year $3.5 trillion federal budget plan. The House voted to pass the budget by 233-193 and then the Senate approved with a 53-43 vote. The budget approval came just hours before President Obama's scheduled White House press conference to discuss his first 100 days in office.Politico: Congress Passes $3.5T Budget Plan (April 29, 2009)

• Fast Facts

  1. Current deficit: $1.2 trillionThe New York Times: Obama Planning to Slash Deficit, Despite Stimulus Spending (February 21, 2009)
  2. Stimulus package expected to raise deficit to $1.5 billionThe New York Times: Obama Planning to Slash Deficit, Despite Stimulus Spending (February 21, 2009)
  3. The American Recovery and Reinvestment Plan, originally drafted by Obama, was passed by Congress on February 13, 2009
  4. No House Republicans voted for the plan
  5. Three Republican senators, Susan Collins, Olympia Snowe and Arlen Specter joined the Democrats to pass the bill, 60-38, in the Senate
  6. Stimulus bill first passed in the Senate on February 10, 2009CNN.com: For House and Senate, it's time to compromise (February 10, 2009)
  7. The $838 billion Senate version included $110 billion more in tax cutsCNN.com: For House and Senate, it's time to compromise (February 10, 2009)
  8. Bipartisan talks reduced funds to $787 billion
  9. Plan includes a fund to buy bad mortgage-back securities from banks
  10. CNN poll released on January 18, 2009, concluded that approximately 6 in 10 Americans support an increase in government spending to help the struggling economyCNN: Will Obama's economic plan stimulate bipartisan support? (January 26, 2009)
  11. On January 24, 2009, Obama said the economy of the U.S. was "in the midst of an unprecedented crisis that calls for unprecedented action"CNN: Will Obama's economic plan stimulate bipartisan support? (January 26, 2009)
  12. Obama's mortgage plan, called the Homeowner Affordability and Stability Plan, was announced on February 18, 2009

• Obama Congressional Address

  On February 24, 2009, Obama delivered a prime-time address to a joint session of Congress and to the nation. The speech focused heavily on the ongoing financial crisis and the economy in general, including the issues of education, health care, the budget deficit and energy.The New York Times: Amid Gloom, Obama Pledges a Recovery (February 24, 2009)

• Obama's Plan: Specifics

  On February 21, the NY Times released additional details about Obama's ongoing plans to deal with the sinking U.S. economy. The proposals suggest cutting the deficit in half by 2013 despite a large-scale increase in spending over 2009 and 2010, eventually trimming the budget by making fewer "emergency" appropriations for the wars in Iraq and Afghanistan and making public health care systems more efficient.The New York Times: Obama Planning to Slash Deficit, Despite Stimulus Spending (February 21, 2009)

  The Obama administration announced that the government plans to buy up to a half-trillion dollars in bad bank assets. The proposal is in attempt to curb the tightening of the credit market. Treasury Secretary Timothy Geithner defends the decision stating that government intervention is needed to shorten the recession.The Houston Chronicle: Administration seeks to free frozen... (March 23, 2009)

  On April 2, 2009, the U.S. House of Representatives approved a $3.4 trillion budget plan which was in line with Barack Obama's original proposal. The passing of the plan occurred following the defeat of an alternative bill composed by Republican representatives.Reuters: House approves budget plan in line with Obama's

• Stimulus Compromise

  President Barack Obama had urged Congress to act quickly on his $825 proposed stimulus package. The stimulus bill was passed by the U.S. House of Representatives on January 28, 2009, and cleared a procedural hurdle in the Senate on a 61-36 vote on February 9, 2008. On February 10, the $838 billion Senate version passed on a 61-37 vote, but was later rejected by the House.CNN>com: Stimulus bill clears critical hurdle (February 9, 2009)CNN.com: For House and Senate, it's time to compromise (February 10, 2009) The final bill was a compromise between the House and the Senate.

  On February 26, 2009, Obama presented Congress with a 140-page summary of the fiscal budget. One of the president's main goals is to cut the $1.3 trillion deficit in half by 2013. The budget in its entirety will be released in April 2009.CNN: Obama submits budget blueprint (February 26, 2009)

• Omnibus Spending Bill

  On March 2, 2009, the White House brought a $410 billion omnibus spending bill to the Senate. The measure contains overdue spending bills from 2008, and 9,000 earmarks added by both parties, accounting for no more than 2% of the bill. The Republicans now say they will by saying they would make changes and extend the interim spending bill.New York Times: Catch-Up Spending Bill Puts Congress Under Pressure (March 2, 2009) Politico: Angry McCain slams Obama (March 2, 2009)

  
  

• Related Pages on Mahalo

  Barack Obama | American Recovery and Reinvestment Plan | Obama Economic Team | 2009 Stimulus Package | Obama Administration | Obama Cabinet | Obama Infrastructure Plan | Timothy Geithner | Nancy Killefer | Christina Romer | 2008 Recession | Obama Transition Team | Lawrence Summers | Melody Barnes | Judd Gregg | Council of Economic Advisers | Lawrence Summers | Shauna Daly | Obama Mortgage Plan | Fiscal Responsibility Summit | Obama Congressional Address | What is in the 2009 Stimulus Package | Checking Stimulus Early | Checking Stimulus Early | Veterans and Disabled Provisions | Tax refunds in the 2009 Stimulus | Earmarks in Stimulus Package | Stimulus Package effect in Small Businesses | Stimulus Package Benefits | Advantage of Stimulus Package for Average Citizen | How to Tell When the Economy Is Getting Better

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