Barack Obama, Economy | featured news

The president, meeting with U.S. mayors at the White House, vows to use his full power to expose any misuse of the $787 billion in economic stimulus dollars.

U.S. President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears that the recession would deepen despite government action in many countries.

President Obama has not ruled out a second stimulus package, his press secretary said on Tuesday.

As President Obama prepares to sign the $787 billion stimulus bill, administration officials sought to temper expectations.

President Barack Obama, savoring his first major victory in Congress, said Saturday that newly passed $787 billion economic stimulus legislation marks a "major milestone on our road to recovery."

Less than one month after President Obama took office, Congress last night passed his flagship proposal, an unprecedented collection of tax cuts and new spending that Democrats say offers the country its best hope to stave off an impending depression.

Congressional leaders hope to send the nearly $790 billion economic stimulus package to Obama to sign into law by his Presidents' Day deadline.

The plan is budgeted at $789 billion, which is smaller that original bills passed by each chamber. It could be sent to President Obama for his signature by the end of the week.

House and Senate negotiators have struck a deal on a final version of a sweeping economic recovery package.

Chafing over congressional delays, an energized President Barack Obama on Monday rallies supporters in Indiana and addresses his first presidential news conference in a new drive for passage of an $800 billion economic recovery plan.

Obama's new Treasury chief favors aggressive use of all available tools to bolster the U.S. economy.