Obama signs $7.2 trillion stimulus bill


The House approved a $7,300 billion stimulus bill Thursday, with some Democrats vowing to kill it if it didn’t contain enough to cover the cost of their proposed spending cuts.

The House approved the bill by voice vote.

It also includes the largest stimulus package in U.S. history.

The measure also includes a $2 trillion boost to Social Security.

The new tax cuts, known as the sequester, will begin on Jan. 1.

Obama’s spending package would boost the federal debt by $1.2trillion over the next decade, according to a Congressional Budget Office report.

That would be the largest increase in debt over a decade.

The package would also add about $2.6 trillion to the federal deficit over the coming decade, and $1 trillion over the same period if the new tax increases take effect.

House Majority Leader Kevin McCarthy Kevin Patrick McCarthyHouse passes sweeping stimulus bill in the face of GOP opposition MORE (R-Calif.) said the $7 trillion stimulus package would raise $717 billion in new revenue over 10 years.

He also said the stimulus would provide jobs by boosting spending on infrastructure, education and scientific research.

The stimulus package also includes $2 billion for the National Institutes of Health, the largest of any federal agency.

McCarthy said the NIH would receive an additional $5 billion in the new stimulus package, which includes $1 billion to cover a new $1 million tax credit for companies to hire American workers.

The White House also approved a measure to extend the expiring tax cuts for up to two years.

The legislation also includes more than $4.5 trillion in additional tax relief for households making less than $250,000 a year.

The new stimulus measures are expected to pass both chambers this week.

McCarthy said Thursday’s vote is a good step toward a bipartisan agreement on the next steps, but he cautioned the parties will need to agree on all the details before it can be enacted.

“It’s going to take a lot of work to get this bill through,” he said.

“And I think we can all agree that it’s going not to pass, but I think that’s where we’re headed.”