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Obama wins backing for $819 billion bail-out
Paul Thompson in Miami29 Jan 2009
Barack Obama scored the first major victory of his presidency as the US House of Representatives approved his $819billion (£578billion) stimulus package.
The deal provided a boost to shares in early trading on the Asian markets.
Mr Obama is hoping the bail-out will help lift the US economy out of its worst crisis in decades. The House voted 244 to 188 in favour of the package, but not a single Republican backed it.
Mr Obama issued a brief statement saying: "What we can't do is drag our feet or allow the same partisan differences to get in our way. We must move swiftly and boldly to put Americans back to work, and that is exactly what this plan begins to do."
The US Senate will now discuss the stimulus Bill, but it is thought it will face a much easier passage next week as the Democrats are in control. The final amount approved by the Senate is likely to be closer to $900billion. Republicans say the plan is full of pet projects for the Democrats and are unhappy with the tax breaks being offered.
Reader views (1)
I am against this stimulus package. There are so many hidden projects that I do not agree with. I don’t see this stimulus as helping out Americans with jobs at all. How is sex education going to stimulate our economy? How is the study about climate changes going to jump start our economy?
What we need to do is bring jobs back to the States. Cancel NAFTA, cancel Unions contracts and let’s start making products in our country instead of shipping from abroad, like China. Enough is enough. We are better than this, this country is better than China. So why can’t we open up factories and plants and start putting people to work. That will stimulate out economy for sure and not a $500 check that doesn’t even cover groceries/gas for some families for a month.
- Mary R., Tampa, FL, 02/02/2009 15:19
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