US House Passes Obama’s Stimulus Package

Posted: 28th January 2009 by Simo Häyhä in Economy | Finance

The US House of Representatives has passed President Barack Obama’s
$825bn economic stimulus package.

http://i.realone.com/assets/rn/img/8/7/4/2/23972478-23972481-slarge.jpg

Passed by 244 votes to 188, no Republicans backed the plan, saying it was too expensive and would not work. It must now be approved by the Senate, where it could face stiff opposition as the Democrats have a slimmer majority. The bill would cut taxes for people and businesses by $275bn, while pumping more than $540bn into a range of initiatives including road and bridge repair, increased unemployment benefits, investment in new technology and renovations to 10,000 schools.

In a heated debate, a succession of Republicans in Congress have condemned the stimulus package as a wasteful government spending exercise that will do little to create jobs.

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