Obama’s ‘biggest’ stimulus announcement comes from Citi: ‘We’re all in this together’
On Wednesday, President Barack Obama announced the first $400 billion in federal stimulus funding for businesses and the poor.
“This is going to make a difference,” he said at the White House.
“This is the largest investment in job creation since the Great Depression.”
He also noted that the federal government’s unemployment benefits will be increased to about $2,500, the highest amount since 2009.
“That will make a huge difference,” the president said.
The announcement comes amid a national economic recovery that’s fueled optimism and optimism among many Americans.
And it’s also one that could benefit Citi, which is one of the biggest recipients of federal stimulus money, and many others who rely on the government’s work-training program to find work.
The president said that the funds will help create about 1.6 million jobs.
But, he said, “This doesn’t just fund jobs.
This is going too.””
The $400 million is going into the pockets of people who will actually have a chance to get a job, who can get a paycheck and start building their lives,” Obama said.
Citi said it was looking forward to seeing the funds roll out, and is hoping to see it in stores in the coming weeks.
The program is the biggest stimulus program in history.
The administration is offering up to $800 billion to businesses and individuals, but that figure doesn’t include the hundreds of billions in stimulus that have already been distributed to the nation’s largest banks.
The stimulus is set to kick in for the first time on Jan. 1.
The White House said the money will be used to help people get back on their feet, which could include creating jobs.
It is also intended to help families that lost jobs in the recession.
More:The Obama administration’s largest stimulus package has been widely credited with helping the U.S. reenter the recovery.
The money, however, is not without controversy.
Critics argue that it is too big a stimulus package, which the government is expected to make even bigger.
Citigroup said in a statement that it welcomed the president’s announcement.
“Our government’s $400 Billion Jobs Fund is a critical step toward lifting Americans out of poverty, and we look forward to working with the administration to deliver this unprecedented investment in our economy and our people,” the bank said.