Obama to Ramp Up Stimulus

In an effort to revive the economy, the federal government is going on a $787 billion spending spree. In a statement Monday morning, President Obama promised to create more than 600,000 jobs by pumping federal funds into public works projects, schools, and summer youth programs. As Obama ramps up his stimulus plan, his advisers are trying to lower expectations about when unemployment will decline. The unemployment rate has reached 9.4 percent, the highest in 25 years, although last month the nation lost fewer jobs than economists expected. Republicans were predictably critical of the plan, slamming it as unecessary.