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| Version 1 | Version 2 |
|---|---|
| US Democrats seek $825bn stimulus | US Democrats seek $825bn stimulus |
| (about 2 hours 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 | 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. | 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. | But observers say if the payout was rejected, it could aggravate markets. |
| 'Bang for buck' | 'Bang for buck' |
| Mr Obama praised the plan as a "significant downpayment on our most urgent challenges". | |
| It will contain the kind of strict, independent oversight that will allow the American people to hold Washington accountable for how and when their tax dollars are spent," he said. | |
| 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. | 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. | "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. | "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. | 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. | 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. | 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. | 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. | There would be careful scrutiny of how money was spent, the Democrats added. |