The Hindu Business Line : US Congress okays $787 b economic stimulus package

WASHINGTON: In a major political victory for President Barack Obama, the US Congress has approved his $787 billion stimulus package designed to revive the battered American economy through tax cuts and creation of employment.

The momentous occasion for Mr Obama came late last night when the Senate passed the American Economic Recovery and Reinvestment Act by 60 to 38 votes, hours after the House of Representatives approved the similar version of the $787 billion stimulus pack age by 246 to 183 votes.

Mr Obama is likely to sign the bill into law, as early as early next week. Amid the worsening financial crisis, some 3.6 million people have lost their jobs in 13 months, of which 1.8 million have been in the last three months alone.

Despite the best of his efforts, Mr Obama failed to gain support of even one Republican Congressman in the House. The bill could barely scrap through the Senate, which required a minimum of 60 votes, due to the support of three Republican Senators -- Oly mpia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania.

In fact the Senate had to wait for several hours last night as Democratic Senator Sherrod Brown from Ohio was flown back and forth on a government plane from the state, where he attended services of his deceased mother. His was the 60th and the last vote cast after 11 p.m. - PTI

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