U.S. House of Representatives Friday approved?the massive stimulus package, an unprecedented attempt by the American government to jolt the economy.
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U.S. President Barack Obama speaks on the economic stimulus package to be voted on Capitol Hill, during an event in the East Room of the White House in Washington, February 13, 2009. [Xinhua/Reuters Photo] |
The 787 billion dollars package was approved by a vote of 246- 183 but with no Republican support. The Senate is expected to follow later the day.
Once the bill is passed by the Senate, it would be sent to President Barack Obama to sign into law. Obama has set a February 16 deadline for the bill.
The final version on the "American Recovery and Reinvestment Act Conference Report" was completed just before 11 p.m. Thursday night and posted online.
In addition to roughly 286 billion dollars in tax cuts and 54 billion dollars for cash-strapped states, the package contains 311 billion dollars in appropriations, including 120 billion dollars in infrastructure, 14.2 billion dollars for health care, 105.9 billion dollars for education and training.
It also includes more than 37.5 billion dollars for energy infrastructure, 24.3 billion dollars for those impacted by the economic crisis and 7.8 billion dollars for law enforcement and other programs.
Obama hailed the bill, noting it will create over 3.5 million jobs in the next two years.
"It's a plan that will ignite spending by businesses and consumers, make the investments necessary for lasting economic growth and prosperity and save or create more than 3.5 million jobs over the next two years," said Obama in an address to business leaders at the White House earlier Friday.
"The goal at the heart of this plan is to create jobs, not just any jobs but jobs doing the work America needs done," said the president.
The non-partisan Congressional Budget Office says the bill could increase employment in a range of 800,000 to 2.3 million jobs by the fourth quarter of 2009 and 1.2 million to 3.6 million by the fourth quarter of 2010.
"We're proud of the product ... this is historical and transformational," said House Speaker Nancy Pelosi.
"Millions and millions of Americans will receive a tax cut" under the measure, said House Majority Leader Steny Hoyer, adding that "millions and millions of people ... who have lost their jobs and can't put food on the tables of their families will be helped by this bill."
However, Republicans strongly slammed the bill, saying it is more a spending bill and is a colossal waste of money.
House Ways and Means Committee ranking member Dave Camp, a Republican, said Wednesday that the stimulus could create a short- term boon, but a long-term drag on the economy.
"Just so everybody knows, in 10 years the economy will be worse off, with less jobs," he said.
"This is not the smart approach," echoed Sen. Mitch McConnell of Kentucky. "The taxpayers of today and tomorrow will be left to clean up the mess."
(Xinhua News Agency February 14, 2009)