Obama signs the $787 billion economic stimulus bill

President Obama signs the $787 billion economic stimulus bill as Vice President Joseph R. Biden Jr. looks on.
 Heading into the second anniversary of President Obama‘s stimulus bill, House Republicans are taking their first real swing at its spending, with proposals that they say would ultimately strip tens of billions of dollars from the $814 billion package.

The House Republicans‘ 2011 spending proposal would rescind unobligated stimulus funds and bar federal agencies from using the money to pay for signs that advertise projects funded by stimulus dollars. A separate bill being pushed by a Republican lawmaker would return the unobligated stimulus funds to the Treasury to help reduce the deficit.

Taken together, Republicans and their supporters claim the efforts could save upward of $50 billion.

“Much of the ‘stimulus’ funding was clearly ineffective and excessive, and had little if any positive impact on job creation,” said Rep. Harold Rogers, Kentucky Republican who chairs the House Appropriations Committee and recently released the GOP‘s plan to cut $61 billion in current spending before the end of the year.

The multipronged assault is the first - and perhaps last - chance for the new Republican majority and supporters to stop the law’s spending, which they say has wasted taxpayer dollars on the administration’s misguided belief that a federal cash infusion would bring the country out of the economic doldrums and improve the nation’s higher-than-normal jobless rate.

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