This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7831921.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Senate backs bank bail-out plea | Senate backs bank bail-out plea |
| (about 10 hours later) | |
| The US Senate has given approval for President-elect Barack Obama to spend the remaining $350bn (£239bn) of the US financial bail-out fund. | The US Senate has given approval for President-elect Barack Obama to spend the remaining $350bn (£239bn) of the US financial bail-out fund. |
| Some fierce opposition to the move was quelled after Mr Obama's team promised that up to $100bn of the fund would be spent on tackling the mortgage crisis. | Some fierce opposition to the move was quelled after Mr Obama's team promised that up to $100bn of the fund would be spent on tackling the mortgage crisis. |
| The vote came after Democrats in the House of Representatives unveiled plans for a separate $825bn stimulus plan. | The vote came after Democrats in the House of Representatives unveiled plans for a separate $825bn stimulus plan. |
| The mix of tax cuts and spending is aimed at turning around the US economy. | The mix of tax cuts and spending is aimed at turning around the US economy. |
| That bill, which has been developed with Mr Obama, aims to create millions of jobs as it attempts to halt the recession. | That bill, which has been developed with Mr Obama, aims to create millions of jobs as it attempts to halt the recession. |
| The stimulus bill will add to the US's expected $1.2tn budget deficit. | The stimulus bill will add to the US's expected $1.2tn budget deficit. |
| Aggravation risk | Aggravation risk |
| The release of the $350bn - the second half of a $700bn rescue package for finance firms announced last year - had faced some strong opposition for offering too much help to corporate giants. | |
| But the Democratic-led Senate voted 52-42 against a Republican resolution that would have blocked the request to make the money available. | But the Democratic-led Senate voted 52-42 against a Republican resolution that would have blocked the request to make the money available. |
| Had the payout been blocked, funds would still have been likely to be available because any disapproval could have been vetoed by President Bush. | Had the payout been blocked, funds would still have been likely to be available because any disapproval could have been vetoed by President Bush. |
| But observers said that if the payout was rejected, it could aggravate financial markets. | But observers said that if the payout was rejected, it could aggravate financial markets. |
| 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 |
| 'Bang for buck' | 'Bang for buck' |
| Mr Obama praised the $825bn stimulus plan as a "significant downpayment on our most urgent challenges". | Mr Obama praised the $825bn stimulus 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. | "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 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 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," Ms Pelosi said. | "We wanted to get the biggest bang for the buck of every dollar spent," Ms Pelosi 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 Mr 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 Mr 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. |