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Obama urges stimulus bill action | Obama urges stimulus bill action |
(30 minutes later) | |
US President Barack Obama has warned Congress that "the time for talk is over" on an economic stimulus bill. | US President Barack Obama has warned Congress that "the time for talk is over" on an economic stimulus bill. |
The US Senate could vote on the $900bn (£600bn) package by the end of Thursday, according to Senate Majority leader Harry Reid. | The US Senate could vote on the $900bn (£600bn) package by the end of Thursday, according to Senate Majority leader Harry Reid. |
Moderate senators from both parties are working to strip some spending commitments out of the legislation in order to garner bipartisan support. | Moderate senators from both parties are working to strip some spending commitments out of the legislation in order to garner bipartisan support. |
President Obama has said he wants the stimulus package passed by 16 February. | President Obama has said he wants the stimulus package passed by 16 February. |
Spending cuts | Spending cuts |
"The time for talk is over, the time for action is now," Mr Obama said in a speech at the Energy Department. | "The time for talk is over, the time for action is now," Mr Obama said in a speech at the Energy Department. |
"I am calling on the members of Congress, Democrats and Republicans to rise to this moment. The scale and the scope of this plan is the right one." | "I am calling on the members of Congress, Democrats and Republicans to rise to this moment. The scale and the scope of this plan is the right one." |
SENATE BILL: ACT KEY POINTS Tax cuts for working families: $247bnJob-creating investments in infrastructure and science: $165bnJob-creating investments in health: $153bnJob-creating investments in education and training: $138bnJob-creating investments for an energy independent America: $82bnJob-creating investments tax cuts for small businesses: $21bnHelping Americans hit hard by the economic crisis: $72bn Source: Senate Appropriations Committee | |
Moderate Democratic Senator Ben Nelson and his centrist Republican colleague Susan Collins have been meeting in an attempt to draw up a list of spending cuts in the hope of attracting more Republican votes in favour of the package. | Moderate Democratic Senator Ben Nelson and his centrist Republican colleague Susan Collins have been meeting in an attempt to draw up a list of spending cuts in the hope of attracting more Republican votes in favour of the package. |
Ms Collins wants the bill's $900bn pricetag reduced to $650-700bn, although Mr Obama is unlikely to favour such a large reduction. | |
Reducing the number of spending commitments in the bill will make it less palatable to many Democrats, however, especially in the House of Representatives. | Reducing the number of spending commitments in the bill will make it less palatable to many Democrats, however, especially in the House of Representatives. |
On Wednesday, senators amended the bill to include an expanded tax credit for home-owners and softened a provision that would have ensured that only US iron, steel and manufactured goods were used in projects funded by the bill. | |
If approved, the bill will go to a conference committee where the differences between the versions passed by the Senate and House will get ironed out. | If approved, the bill will go to a conference committee where the differences between the versions passed by the Senate and House will get ironed out. |