Obama signs $787 billion stimulus package

US President Barack Obama has signed into law the $787 billion economic stimulus package, which according to him would rejuvenate the American economy and create as many as three to four million jobs in the next two years.

Minutes before he put his signature on the 1,534-page American Recovery and Reinvestment Act in Denver, Colorado, Obama said: "We have begun the essential work of keeping the American dream alive."

The stimulus bill was passed last week by the US Congress – House of Representative and Senate -- without much support from the opposition Republicans. While no Republican voted in its favour, only three Senators supported the bill in the Senate.

Obama cautioned Americans not to immediately expect miracles with the passage of the bill, as the US has a long way to go in reviving its economy.

"Today does not mark the end of our economic troubles. Nor does it constitute all of what we must do to turn our economy around," he said.

"But it does mark the beginning of the end – the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs; to provide relief for families worried they won't be able to pay next month's bills; and to set our economy on a firmer foundation, paving the way to long-term growth and prosperity," Obama said.