Barack Obama’s rescue package has finally been approved by both houses of congress, thereby securing the President his first major victory in office. The passing of the $787bn economic stimulus package has been described by it’s author as ‘historic’ and ‘a major milestone on our road to recovery’.

The Senate passed the measure with just three Republican votes hours after the House of Representatives approved it without a single vote from a member of the GOP. The Republicans argue that tax cuts are insufficient and that the country will be saddled with debt for years to come. That is a bit rich, coming from the people who put the former president in office. After all, Obama is tidying his predecessor’s mess, not his own.

Obama’s plan is, in short, spending money to make money. His package will create or safeguard 3.5 million jobs, build new roads and give consumers tax breaks when buying houses or cars. It also sets limits on cash bonuses and other incentives on Wall Street, which will be welcomed by the American taxpayers.

This all comes at a cost. All this will be funded with borrowed money, and will have to be paid back by generations to come. But this is the only solution to America’s enormous overdraft.