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| US Senate approves stimulus plan | US Senate approves stimulus plan |
| (20 minutes later) | |
| The US Senate has passed an economic stimulus plan expected to cost some $838bn (£573bn). | The US Senate has passed an economic stimulus plan expected to cost some $838bn (£573bn). |
| The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it. | The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it. |
| Tough negotiations are now expected in order to reconcile the Senate bill with the House of Representatives's version. | Tough negotiations are now expected in order to reconcile the Senate bill with the House of Representatives's version. |
| President Barack Obama welcomed the vote as a good start. It came as the US Treasury Secretary unveiled a bank bail-out plan worth some $1.5 trillion. | |
| The president, who says the stimulus measure is needed to create up to four million jobs and lift the economy, has said he wants the final package to reach his desk by 16 February. | The president, who says the stimulus measure is needed to create up to four million jobs and lift the economy, has said he wants the final package to reach his desk by 16 February. |
| The financial system is working against recovery, and that's the dangerous dynamic we need to change Treasury Secretary Timothy Geithner US unveils new $1.5 trillion plan | The financial system is working against recovery, and that's the dangerous dynamic we need to change Treasury Secretary Timothy Geithner US unveils new $1.5 trillion plan |
| Speaking at a public event in Fort Myers, Florida, Mr Obama said the passage of the Senate legislation was "good news" but warned there was still work to do. | Speaking at a public event in Fort Myers, Florida, Mr Obama said the passage of the Senate legislation was "good news" but warned there was still work to do. |
| "We've still got to get the House bill and the Senate bill to match up before it gets sent to my desk, so we have a little more work to do over the next couple of days," he said. | |
| Democratic Senate Majority Leader Harry Reid said he would send a completed version of the legislation to Mr Obama "as soon as possible". | Democratic Senate Majority Leader Harry Reid said he would send a completed version of the legislation to Mr Obama "as soon as possible". |
| Democrats in the Senate secured support for the bill from three Republican senators, Susan Collins and Olympia Snowe from Maine and Arlen Specter from Pennsylvania. | |
| The House and Senate measures are largely similar, but there are differences over how to expand the federal medical programme, Medicaid, and on spending priorities. | The House and Senate measures are largely similar, but there are differences over how to expand the federal medical programme, Medicaid, and on spending priorities. |
| While the House bill would give more money to schools, local governments and individual states, the Senate bill devotes more resources to tax cuts. | While the House bill would give more money to schools, local governments and individual states, the Senate bill devotes more resources to tax cuts. |
| Meanwhile, under Treasury Secretary Timothy Geithner's bank bail-out plan, the size of a key Federal Reserve lending program will be expanded to $1 trillion from $200bn. | Meanwhile, under Treasury Secretary Timothy Geithner's bank bail-out plan, the size of a key Federal Reserve lending program will be expanded to $1 trillion from $200bn. |
| In addition, a public-private investment fund of $500bn will be created to absorb banks' toxic assets and could be expanded to $1 trillion. | In addition, a public-private investment fund of $500bn will be created to absorb banks' toxic assets and could be expanded to $1 trillion. |
| Are you in the US? Do you support the plan? Will it make a difference? You can send us your views using the form below: | Are you in the US? Do you support the plan? Will it make a difference? You can send us your views using the form below: |