US Senate reaches deal on $780bn stimulus package

07 February 2009 00:07  [Source: ICIS news]

WASHINGTON (ICIS news)--The US Senate has reached agreement on the terms of a $780bn (€608bn) economic stimulus measure and was expected to vote approval of the massive rescue package later on Friday, congressional monitors said on Friday.

The Senate went into recess in early evening on Friday as final terms of the huge and complicated bill were worked out behind closed doors among a dozen key Democrat and Republican senators and their staffs.

Senators were expected to be called back to the floor of the chamber later on Friday evening to vote on the package.

Although final details of the 700-page bill were not yet available, it was known to include some $250bn in tax cuts for taxpayers and broad government spending on infrastructure and state-level healthcare for workers who have lost their jobs.

The Senate was under pressure from President Barack Obama to complete its version of the stimulus bill this week.

The US House passed its $819bn version of the economic rescue bill last week.

For the stimulus package to become law, House and Senate negotiators must meet next week to hammer out a bill combining the two versions, and that measure must then be approved by the House and Senate.

Getting a combined House-Senate bill that will be acceptable to both chambers likely will be a major task. The House bill was approved by the chamber's Democrat majority but received not a single Republican vote. To reach a mutually acceptable bill with the Senate, many House Democrats will have to give up elements of their stimulus package.

The House is to convene on Monday in anticipation of the Senate having approved its version of the stimulus bill.

If a joint bill is approved by the House and Senate, it will go to the White House for Obama’s signature. He has said he wants the bill completed and on his desk before 14 February.

($1 = €0.78)

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By: Joe Kamalick
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