Last Thursday, U.S. President-elect Barack Obama’s administration announced plans to address the home mortgage crisis with up to $100 billion, under a financial bailout plan. The new bailout comes at the same time as a statement from President-elect Barack Obama on an American Recovery and Reinvestment Plan:

“I am pleased that the House of Representatives has acted with urgency on an American Recovery and Reinvestment Plan that will save or create over three million jobs, provide tax relief to struggling families and businesses that create jobs, and invest in priorities like health care, education, and energy that will make America strong and competitive in the 21st century.  This plan is a significant downpayment on our most urgent challenges, and it will contain the kind of strict, independent oversight that will allow the American people to hold Washington accountable for how and where their tax dollars are spent,” said President-elect Obama.

Image by mountaineerpics under Creative Commons