Obama hails bail-out package
15-02-2009
President Barack Obama has welcomed Congress's approval of his US$787 billion economic stimulus package. He described it as a "historic step" and "major milestone on our road to recovery". The Senate approved the measure with just three Republican votes, hours after the House of Representatives backed it without Republican support. Mr Obama has said the plan will "save or create more than 3.5 million jobs". Republicans argue the tax cuts are insufficient, and that the economy will be saddled with debt for years to come. Running to more than 1,000 pages, the plan includes new road building, cash to pay police in hard-up cities, and tax breaks for consumers buying houses and cars. The package also imposes new limits on cash bonuses and other incentive compensation for executives on Wall Street, which are much tougher than those proposed by the Obama administration earlier.
