Markets Fall as Obama Gets Ready to Sign the $787 billion Bill

We have a house of cards so let us put some more cards on top

Feb. 17 (Bloomberg) — President Barack Obama today signs into law one of the largest pieces of legislation in U.S. history, a $787 billion behemoth that combines massive tax breaks and government spending designed to resuscitate the moribund U.S. economy.

The size of the new law and its speed moving through Congress — it was approved within weeks of Obama’s inauguration — place it among the most significant legislative accomplishments since President Franklin Roosevelt overhauled the U.S. government in his first 100 days, historians and political analysts say.

“We have plenty of big, complicated pieces of legislation that come down the pike, but this bill is unprecedented,” said Stuart Rothenberg, an independent political analyst in Washington.

The package contains roughly $300 billion in tax breaks for individuals and businesses, more than $250 billion in direct aid to distressed states and individuals, and almost $200 billion to modernize and improve the nation’s infrastructure. Obama, who will sign the legislation in Denver, the city where he accepted his party’s nomination in August, said it will save or create about 3.5 million jobs.