President Obama's Weekly address (about 5 minutes), concerning the need for his economic recovery legislation. Transcript here.
More details on the plan were released, according to the New York Times: "According to the report, the Obama plan would double the generating capacity of renewable energy over three years, enough to power six million American homes. It would retrofit two million homes and 75 percent of all federal buildings to better protect against the weather, saving low-income homeowners an average of $350 a year in utility costs and the government $2 billion a year.
The White House also envisions using loan guarantees and other financial support to leverage $100 billion in private sector investment in so-called clean energy projects over three years. The plan would lay 3,000 miles of new or upgraded transmission wires for a new electric grid.
The plan would help 8.5 million Americans keep health care coverage by providing workers who lose insurance with tax credits to pay for continuing coverage under the federal law known as Cobra, and by expanding Medicaid coverage for low-income Americans who lack access to Cobra. The Medicaid formula would be adjusted to protect 20 million Americans whose coverage might be in jeopardy because of state budget shortfalls.
The plan would modernize 10,000 schools, improve security at 90 ports and build 1,300 wastewater projects. It would bolster Pell Grants to help seven million students and offer a new tax credit for four million college students. And it would increase food stamp benefits for 30 million Americans and increase Social Security benefits $450 for 7.5 million disabled and elderly people."
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