The National unemployment rate reported was 9.6 percent since August 2009. In order to recover the struggling economy which is reeling under unemployment pressures, Obama signed the $42 billion bill, which will create 500,000 jobs. About $30 billion will go into smaller banks which will be lending loans to businesses. The rest of the $12 million will support business tax breaks to encourage investment, entrepreneurship and hiring. The legislation will save a lot of money for the owners and also from getting bankrupt. It not only reduces tax burden but also makes it easier for them to get loans. President Barrack Obama pressed the Congress for the bill to be passed .After months of debate the Republicans and Democrats gave their nod in favor of the president. Obama said, "I'm grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work." Previously, tax cuts were given to businesses which were outsourced to other countries, now tax cuts are given to companies whose businesses are in U.S. and importance is given to ventures that are going to support the growth of U.S. economy. This bill could be an extension of Obama's trial to stop the tax breaks which were given to the companies that outsource jobs to emerging markets.
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