President Barack Obama unveiled a $75-billion housing foreclosure plan late last month to heal the ailing economy. He called on banks that accept federal aid to grant up to a 90-day moratorium on foreclosures for families making a genuine effort to pay their mortgages.  This should hopefully give the people some encouragement and breathing room before they get back on their feet.

Top Banks like Citigroup Inc, JP Morgan Chase & Co, Bank of America Corp, Morgan Stanley and Wells Fargo & Co have announced that they would temporarily suspend foreclosures. The bill is one of the most far-reaching state proposals to address the crisis in subprime lending and foreclosures, and it reminds us of the long-term foreclosure moratoriums that provided relief to homeowners in 1930s during the Great Depression.

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Obama’s health care plan follows a usual democratic template bearing resemblance to 1994 health care plan by Clinton, 2004 health care plan by Kerry along with the undeniable similarity to the proposal that was presented forward by Common Wealth Fund.

The emphasis is basically to quickly increase the number of masses that would be covered under the health insurance as significant upfront investment is made. The senator claims that his reform proposal would allow an American family to save medical costs by $2,500 every year.

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The much awaited New Economic Stimulus Package (Second) has been passed by the Obama administration to battle the current economic downfall. With unemployment at its highest level in a quarter of a century, the banking industry is in crisis despite the bailout money given to the sector and the whole economy facing its worst crisis since the great depression 1929, this $ 819 billion stimulus package  will give respite to the Americans who are finding it very hard to cope up with  the ongoing economic crisis.

The Federal Stimulus Bill mostly emphasizes on spending increases and tax cuts to revive a badly ailing economy. The package includes aid to states and local governments to help them avoid cuts in medical coverage and school funding. The bill also would extend unemployment benefits and give unemployed workers subsidies for health care coverage.

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The stimulus package signed by President Barack Obama on Tuesday carries good news for those laid off workers who were finding it difficult to continue with their group health plan or COBRA. Hopefully some of your concerns would be taken care off in the new stimulus bill has special provision for COBRA or Consolidated Omnibus Budget Reconciliation Act.

A Brief Overview of COBRA

It is a decades old federal law, which refers to an extension of health insurance plan for workers. It allows the employees who lose their jobs the right to choose to continue with the group health insurance benefits provided by their group health plan for a certain period of time under certain circumstances. COBRA is included in the group insurance category and can be availed in a company with twenty or more workers. However, there is a great problem associated with it in terms of premiums.

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