On February 17, 2009, President Obama signed his 787 billion dollar stimulus plan into law. Video report:
With Vice President Joe Biden by his side, and White House aids close at hand, the massive spending bill was launched forward. From Denver Colorado, where the stimulus plan was signed, the president flew to Sky Harbor Airport in Phoenix.
The next day, President Obama, escorted by motorcade, visited none other than Dobson High School, where he discussed his plans to reverse the nation’s housing crisis. He spoke for just over half an hour and eager onlookers waited for hours on end just to see the president. Many people inside the school came rushing out of the building in excitement after having shook the presidents hand, but no one on the street got more than a moment’s glimpse of the presidents limousine as it passed by the school.
Some were gathered to cheer on President Obama, but others, like Angela Roy of Prescott, were there to protest his policies. “The first 700 billion didn’t work. This trillion wont work. What about the next trillion? That ain’t going to work either,” said Roy.
The stimulus plan devotes $50 million to stem the foreclosure issues facing many Americans. The plan also pledges large tax refunds for first time home buyers.
According to Windermere Real Estate Broker Mike Bianchi, the bill will be a positive step in the right direction. “Every time they pass a bill like this, it’s like bricks building a foundation for the housing market,” Bianchi said.
The housing crisis is a matter of having too many sellers and not enough buyers, said Bianchi. “It’s simply supply and demand.”
The goal of the $50 million is to help prevent more homes from being put on the market as a result of foreclosures, while at the same time, increase the number of buyers through tax incentives. Officials are hoping the market will balance and property values will begin to rise.
Many in the audience at Dobson High were happy with what Obama had to say. “Its about time the people who need help are finaly getting it,” said Aru Anula of Phoenix.
####
Recently Posted Comments