Obama signs $787 billion economic recovery measure

DENVER • In his first return to Colorado since entering the White House, President Barack Obama signed into law a $787 billion stimulus package in Denver on Tuesday, calling it the "most sweeping economic recovery package in our history."

The signing of the American Recovery and Reinstatement Act was held at the Denver Museum of Nature and Science, chosen as a symbol of the renewable energy economy the stimulus is intended to jump-start.

The bill, which is aimed at creating and protecting 3.5 million jobs nationwide, would deliver roughly $2.8 billion in federal aid to Colorado, according to preliminary estimates by Federal Funds Information for States. According to White House estimates, the measure will create 59,000 jobs in Colorado. Approximately 34,000 Colorado jobs were lost in the past few months.

Obama told the invitation-only crowd of Democrats at the museum that he made a promise to the American people when he was nominated in August at Invesco Field at the Democratic National Convention to the American public to do all he could to ensure a brighter future.

"I'm back today to say that we have begun the difficult work of keeping that promise ... of keeping the American dream alive," he said.

The president said the intent is to expand health care coverage, fund education, and devote billions to energy and transportation projects, comparing the lofty goals to John F. Kennedy's ambition of landing a man on the moon.

Obama's biggest ovation came when he declared, "We have done more in 30 days to advance the cause of health care reform than this country has done in an entire decade."

He estimated that 7 million Americans will receive health care benefits despite having lost their jobs, and 20 million more will gain added protection for their coverage.

The president was introduced by two Coloradans, Interior Secretary Ken Salazar and Gov. Bill Ritter, both Democrats. And he was joined on stage by Vice President Joe Biden.

All three hailed the president's quick action in helping craft the measure less than a month into his presidency.

"Mr. President, thank you. Thank you for the millions of jobs that will be created,' Ritter told Obama. "This is how we rebuild America."

Colorado Democrats said the selection of Colorado for the bill signing was fitting because of the state being a leader in renewable energy, an issue that has been a hallmark of the Ritter administration. Prior to his 18-minute speech, Obama toured the roof of the museum, which is adorned with a giant solar power array.

According to environmental leaders, Colorado is slated to receive roughly $212 million for projects that will aid in renewable energy development.

Joe McCabe, vice president for Ascent Solar, pointed out, "The governor is arm-wrestling every other state in the nation for every renewable energy job."

The governor will also have direct control over the stimulus funding allocated to Colorado, but declined Tuesday to specify how he intends to spend it.

The president warned that the stimulus bill is only the beginning of solving America's economic troubles, and said the road to recovery will be a long and winding one. What is needed, he said, is determination.

"It's about rejecting the notion that our fate is somehow written for us, and instead laying claim to a destiny of our own making," Obama said.

Speaker of the House Terrance Carroll, D-Denver, said the president's address was "sober, but it was also very encouraging."

"It was what we needed to hear," said Carroll.

While Democrats celebrated the signing of the stimulus measure, Republicans were rallying on the West steps of the Capitol to protest what they see as a massive expansion of nanny-state spending.

"It doesn't provide a real economic stimulus," said state GOP chair Dick Wadhams. "It is a huge spending boondoggle that enlarges the size, scope and cost of the federal government."

Four Republican governors have come out in vocal support of the stimulus bill, including California's Arnold Schwarzenegger and Florida's Charlie Crist, and was supported by three moderate Republican senators in the decisive Senate vote last week.

From Denver, Obama headed to Phoenix to continue his effort to drum up public support for the massive spending bill.



Colorado employment breakdown

The bill, which is aimed at creating and protecting 3.5 million jobs nationwide, would deliver roughly $2.8 billion in federal aid to Colorado, according to preliminary estimates by Federal Funds Information for States. According to White House estimates, the measure will create 59,000 jobs in Colorado. About 34,000 Colorado jobs were lost in the past few months.