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US Democrats seek $825bn stimulus US Democrats seek $825bn stimulus
(40 minutes later)
Democratic leaders in the House of Representatives have unveiled a $825bn (£565bn) recovery package aimed at turning around the US economy.Democratic leaders in the House of Representatives have unveiled a $825bn (£565bn) recovery package aimed at turning around the US economy.
The mix of tax cuts and spending - developed with President-elect Barack Obama - aims to create millions of jobs as it attempts to halt the recession.The mix of tax cuts and spending - developed with President-elect Barack Obama - aims to create millions of jobs as it attempts to halt the recession.
The Senate is developing its own version of the recovery package, with debate over its contents inevitable.The Senate is developing its own version of the recovery package, with debate over its contents inevitable.
The stimulus bill will add to the US's expected $1.2 trillion budget deficit.The stimulus bill will add to the US's expected $1.2 trillion budget deficit.
The announcement came ahead of a vote on whether to release the remaining $350bn of financial bail-out funds of a $700bn rescue package announced last year.The announcement came ahead of a vote on whether to release the remaining $350bn of financial bail-out funds of a $700bn rescue package announced last year.
DEMOCRATS' $825BN STIMULUS PLAN $550bn in emergency spending with $275bn in temporary tax benefitsHundreds of billions of dollars for rebuilding roads and bridges and giving aid to schools.Workers get a refundable $500 tax credit ($1,000 for a couple)States get $87bn to help with health benefits for the poor Timeline: US government bail-outs
Although he does not take office until next week, Mr Obama has been lobbying for congressional support for the rescue funds - which have had some fierce opposition. Funds would be likely to remain available because any disapproval could be vetoed by President Bush.
But observers say if the payout was rejected, it could aggravate markets.
'Bang for buck'
House speaker Nancy Pelosi acknowledged that the proposed $825bn stimulus bill was only the "first step" in trying to push a plan through Congress, and that the numbers may change.
"Immediate job creation and continuing job creation" were the key aims, she added.
"We wanted to get the biggest bang for the buck of every dollar spent," she said.
Called the American Recovery and Reinvestment Plan, it proposes $550bn in emergency spending with $275bn in temporary tax benefits over the next two years.
Firms would be allowed to write-off losses against the past five years of tax, instead of the two years currently permitted.
And workers will get a refundable $500 tax credit, as pledged during President-elect Obama's campaign. Hundreds of billions of dollars would be spent rebuilding roads and bridges and giving aid to schools.
States would receive $87bn to help with health benefits for the poor.
There would be careful scrutiny of how money was spent, the Democrats added.