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Obama urges Congress to pass plan Congress urged to pass Obama plan
(20 minutes later)
US President Barak Obama has said that Congressional approval of the economic stimulus package is "critical". US President Barack Obama has said that Congressional approval of the economic stimulus package is "critical".
Both the Senate and House of representatives are expected to vote on the plan later. Both the Senate and House of Representatives are expected to vote on the plan later.
Members of both houses of Congress reached a deal over President Obama's plan on Wednesday.Members of both houses of Congress reached a deal over President Obama's plan on Wednesday.
The package, now worth $789bn (£549bn), includes tax cuts and spending. Mr Obama said it would "save or create more than 3.5 million jobs".The package, now worth $789bn (£549bn), includes tax cuts and spending. Mr Obama said it would "save or create more than 3.5 million jobs".
'Driving purpose''Driving purpose'
"We have a once-in-a-generation chance to act boldly, and turn adversity into opportunity, and to use this crisis as a chance to transform our economy for the twenty-first century," the president told members of the Business Council in Washington."We have a once-in-a-generation chance to act boldly, and turn adversity into opportunity, and to use this crisis as a chance to transform our economy for the twenty-first century," the president told members of the Business Council in Washington.
We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges US President Barack Obama
"That's the driving purpose of the recovery and reinvestment plan that I've put before Congress.""That's the driving purpose of the recovery and reinvestment plan that I've put before Congress."
Mr Obama said that in the longer term the government needed to rein in spending.Mr Obama said that in the longer term the government needed to rein in spending.
"We are going to have to once again live within our means," he said."We are going to have to once again live within our means," he said.
"We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges.""We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges."
Negotiations
The House approved its $825bn version of the package last week without any Republican support.
The Senate voted to approve a different $838bn version on Tuesday, with few Republicans opting to back it.
The two versions had to be reconciled in a joint House-Senate committee before facing final votes in the two chambers.
President Obama increased the pressure on Congress this week, saying he wanted the bill on his desk ready to sign by this weekend.