Oklahoma To Receive $2.6 Billion In Stimulus Money

Sunday, February 15th 2009, 9:59 pm
By: News On 6

News On 6

UNDATED -- The President hasn't even signed the plan to save our economy in crisis and his administration is already talking about making changes to it.

The bill congress passed limits bonuses for bank executives getting bailout money.

After some banks received money from the last bailout, they handed out billions in bonuses.

Lawmakers say they don't want to see that happen again.

The Obama Administration says it also wants to set limits, but only for banks getting, "exceptional assistance."

Overall, President Obama is happy with the bill and believes it will turn the economy around.

"As you know, we lost 600,000 jobs last month, over one and a half million in the last three months. The trajectory is horrible. This should help put the brakes on that and slow it down," said David Axelrod, White House advisor.

But, a lot of republicans don't think the stimulus bill will work. In fact, one senator says it will only make it harder to ask for money in the future to actually fix the problems in the housing and banking industries.

"There are things in this bill that make the public want to throw up. They know it doesn't create a job. It just creates more government and we blew it," said Sen. Lindsey Graham, (R) South Carolina.

President Obama is expected to sign the stimulus package into law on Tuesday.

Starting in June, millions of workers will see an extra $13 a week on their paychecks. People buying a new car or sending a child to college will get a tax break. And the government will help laid-off Americans pay for health insurance.

Oklahoma will receive $2.6 billion in stimulus money. The majority of that money will go toward Medicaid funding.

About $450 million is for highway and bridge projects. Nearly $300 million is allotted for education.