Obama Signs $26B Jobs Bill

In a last-ditch effort to jumpstart the stagnant economic recovery, Congress pushed through a $26 billion jobs bill to save 300,000 teachers and other state-government workers from potential layoffs. The bill was spearheaded by House Democratic leaders, who called congressional members back to Washington in the midst of their summer recess to pass the bill before the start of the school year. The bill was signed by President Obama shortly after the House passed it 247 to 161, with the majority of Republicans voting against continued spending. The bill, which brings federal spending on the economy to just over $1 trillion since late 2007, will be paid for by reducing food-stamp benefits by some $14 billion and closing a tax loophole used by multinational corporations.