Package includes massive funding for infrastructure projects to boost employment

US president Barack Obama has signed an economic stimulus plan in Denver worth over £548bn in a bid to boost the ailing US economy.

Congress approved the package last week, which is aimed at rebuilding infrastructure and saving or creating 3.5 million jobs.

At the signing ceremony, Obama described it as the “the most sweeping recovery package in our history”.

Barack Obama
Obama: “the most sweeping recovery package in our history”

The huge stimulus package will boost the flow of federal money in infrastructure projects, renewable energy development, healthcare and conservation programmes.

Republicans have criticised the measure, claiming the economy will be crippled with debt for years to come.

But Obama said the plan would enable Americans to work in crucial areas such as rail and roads infrastructure.

The package comprises 36% in tax cuts and 64% in capital spending and money for social programmes.