US President Barack Obama said on Saturday the newly passed US$787 billion stimulus plan was a "major milestone on our road to recovery."

"This historic step won't be the end of what we do to turn our economy around, but the beginning," Obama said in his weekly radio and Internet address.

"I will sign this legislation into law shortly, and we'll begin making the immediate investments necessary to put people back to work doing the work America needs done," he said.

Obama has scored a significant victory as the Congress on Friday finally approved his massive stimulus package, an unprecedented attempt to jump-start the ailing American economy.

The US$787 billion package was approved by a vote of 246-183 in the House of Representatives but with no Republican support. Hours later, the bill advanced in the Senate by a vote of 60-36. Three centrist Republicans joined Democrats to move the legislation forward.

Obama thanked the Congress for the swift actions. "Congress has passed my economic recovery plan an ambitious plan at a time we badly need it," he said.

"It will save or create more than 3.5 million jobs over the next two years, ignite spending by business and consumers alike, and lay a new foundation for our lasting economic growth and prosperity," he said.

At the same time, he also warned, "the problems that led us into this crisis are deep and widespread. Our response must be equal to the task."

"Our debt has doubled over the past eight years, and we've inherited a trillion-dollar deficit which we must add to in the short term in order to jump-start our sick economy," he said.

But Obama expressed his confidence that the US could work through the economic crisis.

"It will take time, and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a brighter future," he said.

In addition to roughly US$286 billion in tax cuts and US$54 billion for cash-strapped states, the package contains US$311 billion in appropriations, including US$120 billion in infrastructure, US$14.2 billion for health care, US$105.9 billion for education and training.

It also includes more than US$37.5 billion for energy infrastructure, US$24.3 billion for those impacted by the economic crisis and US$7.8 billion for law enforcement and other programs.

Many economists across the political spectrum believe the massive bill might reduce the damages caused by the current economic crisis, but could not quickly pull the US economy out of its downward spiral.

What's more, the controversial "Buy American" provisions of the package, which prohibit the purchase of foreign iron, steel and manufactured goods for any stimulus-funded infrastructure projects, also incurred criticism of smacking of trade protectionism.

(Xinhua News Agency February 14, 2009)