President Obama will sign the stimulus bill into law in a ceremony Tuesday in Denver, Colo., Democratic sources tell ABC News.
The American Recovery and Reinvestment Act — the Friday passage of which the president today called "a major milestone on our road to recovery" — is worth an estimated 5 percent of the Gross Domestic Product.
And it is just the first step, the president said today in his weekly address.
"For our plan to succeed, we must stabilize, repair, and reform our banking system, and get credit flowing again to families and businesses," he says. "We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again. We must stem the spread of foreclosures and do everything we can to help responsible homeowners stay in their homes."
On Wednesday in Phoenix, the president will discuss his administration’s plans to stem the tide of home foreclosures. In the coming weeks, Treasury Secretary Tim Geithner will put more meat on the bones of his outline on how to stabilize the financial system.
"In the weeks ahead," the president said today, "I will submit a proposal for the federal budget that will begin to restore the discipline these challenging times demand. Our debt has doubled over the past eight years, and we’ve inherited a trillion-dollar deficit — which we must add to in the short term in order to jump-start our sick economy. But our long-term economic growth demands that we tame our burgeoning federal deficit; that we invest in the things we need, and dispense with the things we don’t. This is a challenging agenda, but one we can and will achieve."
– Jake Tapper and Jonathan Karl