CBNNews.com - With the stroke of his pen, President Obama sealed, Tuesday, what could become the hallmark of his administration.
Tax breaks and new government spending totaling $787 billion could rescue the economy from its worst slump in more than a quarter of a century.
"The goal at the heart of this plan is to create jobs. Not just any job, but jobs doing the work America needs done," Obama said.
President Obama says his recovery plan is the key to jumpstart spending and long-term economic growth.
But with so much money at stake, what's in it for you?
Starting in June, millions of workers will see an extra $13 in their weekly paychecks, part of a $400 tax credit for individuals and $800 for couples. The plan aims to entice Americans to spend.
For example, are you in the market to buy a new home? Well, if you're a first-time homeowner, you could be eligible for an $8,000 tax credit if you settle before Dec. 1. And if you already own your home, tax credits are now available for making energy-efficient upgrades.
Been thinking about buying a new car this year? Do it and you'll be able to write off the sales taxes.
On the job front, the White House says the plan will save or create 3.5 million jobs.
But, if you're one of the 5 million people currently drawing unemployment, you'll see an extra $25 in your check. Plus, the plan will make it cheaper to afford healthcare coverage for laid-off workers looking for a new job.
Over the next three years, nearly 6,000 teachers may get the pink slip due to state budget cuts. But billions of dollars in aid to cash-strapped states could help save those jobs.
The American Recovery and Reinvestment Act covers much more ground, spending billions on education, healthcare, energy, and infrastructure. The question now, is will it work?
House Speaker Nancy Pelosi said employment is key to this bill.
"After all the debate, this legislation can be summed up in one word: jobs," Pelosi said.
Republicans question the plan's effectiveness because they say too much money is wasted on "pork barrel spending."
"Eleven hundred pages no one has had time to read!," Rep. John Boehner, R-Ohio, said.
Like $300 million for new government cars, $50 million for out-of-work artists, and $165 million for fish hatcheries.
It's unclear just how much of an impact the stimulus bill will have on the economy. What is certain is the stimulus will add to the national debt now at $10.7 trillion.
What's also certain is that there's more spending to come. Later this week, President Obama is expected to unveil up to a $100 billion plan to keep struggling homeowners in their homes.