stimulus plan

Housing Secretary Shaun Donovan announced that some $4 billion from Obama's $787 billion economic stimulus plan budgeted to renovate public housing will be spent by the Federal Reserve on creation of so-called "green jobs".

Moreover, it is expected that Labor Secretary Hilda Solis will announce that $500 million from the stimulus will be invested in training workers for these jobs. 

President Barack Obama urges leaders of the G20 to send "a strong message of unity" on confronting the world financial crisis during their meeting this week.

He highlighted that there were signs of improvement in current economies, including the area of the American housing market.

First Command Financial Behaviors Index reported that more than two-thirds (69 percent) of Americans do not expect the newly-approved $787 billion economic stimulus package to improve their personal earnings. Moreover, Index’s February survey showed that 50 percent of the respondents do not feel confident the plan will help stabilize the U.S. economy either.

Stock index futures have started rising to a higher open on Wednesday after closing at a three-month low on Tuesday. Futures for the Dow Jones, S&P 500 and Nasdaq were recorded to be up 0.2 to 0.3% at 5:02 a.m. EST.

Obama plans to discuss a program aimed at preventing foreclosures that will use $50 billion after he had just signed into law a $787 billion stimulus package.

$787 billion economic stimulus package was finally singed into law by the President Barack Obama on Tuesday. While he expressed his belief in that the bailout will help the U.S. economy he still noted that this is not the end of troubles. Obama said that it is not all that America needs to do to revive the country but he thinks that the stimulus will be a starting point for the U.S. to create jobs, provide relief to families and pave the way for long-term growth.

Economic experts at IHS Global Insight call on Congress and the Federal Reserve for acting with more urgency to stimulate the economy vitality. According to the figures cited by Nigel Gault and Brian Bethune, domestic economists for Global Insight, the expected approval of the economic bailout plan and a new program to revive the consumer credit markets will not bring quick results with several quarters of economic misery ahead.