Obama signs massive stimulus package into law

President Barack Obama signed themost sweeping U.S. economic package in decades into law Tuesday in Denver.
The $787 billion package is a rescue plan designed to create millions of jobs and boost consumer spending. It aims to reverse the U.S. economic free-fall. It pumps money into infrastructure projects, health care, renewable energy development and conservation. There's a $400 tax break for most individual workers and $800 for couples. It also dishes out tens of billions of dollars to states.
Obama says the stimulus plan will turn this economic crisis into an opportunity to help keep the American dream alive.
He says the plan is ?the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs, the beginning of what we need to do to provide relief for families who are worried they won?t be able to pay next month?s bills.?
Unemployment checks will increase by $25 a week and benefits will continue for 59 weeks instead of 26. The government will also pay up to 60 percent of short-term COBRA health insurance. Tax credits are also available for those who buy homes for the first time and the sales tax on new cars will be deductible.
Fifty thousand Long Island commuters who get an employee transit benefit will get up to $230 per month of tax-free mass transit.
The Obama administration has set up a Web site for Americans to check how the money is being spent.
Recovery.govTo watch Obama sign stimulus package into law, go to Channel 612 on your iO digital cable box and select iO Extra.