Tuesday February 17th, 2009 President Barack Obama signed his $787 billion economic stimulus bill into law in Denver Colorado. This bill was approved with only three Republican votes in the U.S. House of Representatives February 13th, 2009. The bill was signed in the Denver Museum of Nature and Science. Denver was the city that the President accepted the Democratic nomination for the presidency. Denver was chosen in part because Colorado has been able to sustain job growth, create new energy economy and because in March 2008 Denver Colorado was named 1 of 12 "Solar America Cities", and Colorado has been a leader in the development of earth-friendly energy which stimulated economic growth for years prior to his election.
In a fourteen minute speech given to approximately an audience of 250 people which attended by invitation only President Obama prepared the country for even more expensive bills to come. The President said he intends to propose addition legislation directed at the housing market and reforming the banking industry which was a major part contributing to the current economic downfall. The National Association of Realtors recently reported that our lobbyists and Realtor's input was well received and as an association they are please with what is being accomplished.
The President said that this stimulus bill now law would save and or create over 60,000 jobs in Colorado.
Colorado's Portion of the $787 billion economic stimulus bill:
$34 million dollars is earmarked for Colorado law enforcement.
$104 million dollars is earmarked for Colorado investment in mass transit.
$130 million dollars is earmarked for Colorado weatherization and energy programs.
$180 million dollars is earmarked for food stamps in Colorado (otherwise known as the Supplemental Nutrition Monday February 17th, 2009 Assistance Program in the bill).
$404 million dollars is earmarked for Colorado highway funding.
$612 million dollars for a Colorado fiscal stabilization fund to subsidize school districts, universities and public colleges, and other "high priorities" which could include public safety.
Author's opinion:
From everything I heard on television, radio, and read in newspapers blogs and more there wasn't enough time for a single Congressmen/women or Senator to read and digest the contents of the 1,073 page bill. It is my opinion voting on this or any other bill before carefully scrutinizing its content is irresponsible no matter how good the intensions are.
It will be interesting to see how Colorado ranks in comparison to other states.
As Metro Denver CO Realtors we have a vested interest in our economy as well as the housing market and hope this new law will jump start or recovery soon!
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