President Obama Signs Stimulus Bill into Law

by Steve Handlesman
NBC News

In Denver, Tuesday President Obama signed his massive $787 billion economic recovery package into law.

Signing the stimulus caps a big political win for President Obama.

Minutes later the state of Missouri kicked off what it claims is the first stimulus package project.

On anyone can track the $787 billion in stimulus dollars.

Roughly $300 billion will go for unemployment, health care and education.

Virginia Governor Tim Kaine says that will save state jobs.

"What that means short term is that we don't need to make any more cuts," he said.

About $27 billion is for state road projects that are ready to go.

"It comes in in one straight check so that we can begin to infuse people in this state with jobs pretty quickly rather than putting another layer of bureaucracy in place," said North Carolina Governor Bev Perdue.

Ohio Governor Ted Strickland, Alabama's Bob Riley, Florida's Charlie Crist and others are hiring experts to manage their stimulus funds.

Meanwhile, individuals will soon see their take home pay jump by several dollars a week thanks to tax cuts in the bill.

The Obama package is a shot in the arm, but the President admits the economy is still sick.

"I don't pretend today marks the end of our economic problems," he said at the signing.

Now he'll shift his efforts to the crises in Detroit, on Wall Street and in housing.