Obama Stimulus Package | President Obama’s Economic Stimulus Package

Obama Stimulus Packages

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In 2009, the Obama administration began the year by handing out economic stimulus packages.

In the first 60 days in office, President Barack Obama spearheaded a $787 billion economic stimulus package based on job creation and tax cuts, a $275 billion mortgage stimulus program aimed at saving troubled homeowners from foreclosure, a $30 billion bail out to AIG (which added to the $150 billion the Bush Administration gave the insurance giant in 2008), and a $1 trillion “toxic asset” buyout program designed to get under-water assets off the balance sheets of America’s banks so that the banks could begin lending again. At the end of March 2009, the Obama Administration gave automakers General Motors and Chrysler another $22 billion in low-interest loans. In June, the Obama Administration gave General Motors another $30 billion to help steer it through bankruptcy.

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