The White House has said the USD 819 billion mega economic stimulus package, passed by the House of Representatives amid opposition from Republicans, is on track and exuded confidence it would be signed into law before February 16, a deadline set by President Barack Obama.

The American Economic Recovery and Reinvestment Act, which pumps USD 819 billion into the US market so as to boot up its fast sinking economy, was passed by the House early this week; with all Republicans lawmakers voting against it.

The stimulus package is now scheduled to come up before the Senate next week, wherein the opposition Republicans, though in minority, have vowed to block it. They have, in fact, brought out their own version of the bill.

Obama’s presidential rival, Senator John McCain, yesterday announced that he is working on an alternative package.

White House spokesman, Robert Gibbs, hoped that it would be cleared by the Senate next week and soon it would be on the President’s desk.

“I don’t think next week we’ll see any delay. I think we’re on a path towards getting the President something that he can sign before President’s Day (February 16) recess,” he said.

Obama wants countries to act on economic crisis: White House

US President Barack Obama wants all nations including India, to act in unison in dealing with the current global economic crisis, the White House has said.
Obama is expected to come up with a more specific plan in this regard in the run up to the next G-20 meeting in London in April, the White House spokesperson Robert Gibbs said.

On a question that G-20 is not moving anywhere and that several countries are complaining that BRIC Brazil, Russia, India and China have not been included in the Financial Stability Forum, Gibbs said “India is a member of G-20.” “Well, I think what the President talked about this when he was a mere Senator and a candidate, that if one entity takes steps and it’s not followed by other countries taking steps — be it regulation, stability or stimulus — you’re most likely to see capital flows, change all around the world. We certainly saw candidate Obama talked about that in September,” Gibbs said.

“The President talked about it back in September, working together in unison, all of these countries. I think you’ll hear more about some of those specific plans as we lead to and get closer to going into April to the second round of this in Europe,” he said. PTI

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