Senate Approves $787B Stimulus Plan

"And the fact of the matter is that we are in not just an ordinary recession, we are in a perfect storm of financial problems and now, a decline in worldwide demand that is resulting in huge numbers of jobs being shed, the lowest consumer confidence we've seen, credit locked up," he said.

Though it may take some time for federal largesse to reach the states, governors and mayors struggling with billion-dollar deficits -- and laws requiring them to have balanced budgets -- will be able to avoid laying off teachers, cops and other employees, knowing that the federal money is in the pipeline. The president has also said that the economy might get worse before improving and reaping the benefits of the stimulus plan.

By June, an additional $150 billion, earmarked for public works projects, like roads, bridges and schools, should be pumping through the financial pipeline, this time creating construction and design jobs.

On a smaller scale, a middle class couple can expect to find an additional $26 in their weekly paychecks starting June 1, thanks to a tax cut in the gigantic bill. A single person will see an extra $13 in the paycheck.

If there are no congressional surprises and Obama signs the measure into law on President's Day, Americans on Social Security and veterans receiving disability and pensions can expect a one-time extra payment of $250 this spring.

College students whose families earn less than $160,000 would be eligible for $2,500 tax credit.

ABC News' Dean Norland contributed to this report.