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| Version 4 | Version 5 |
|---|---|
| US House approves stimulus plan | US House approves stimulus plan |
| (about 2 hours later) | |
| The US House of Representatives has approved President Barack Obama's economic stimulus plan by 246 votes to 183, with the Senate set to vote later. | The US House of Representatives has approved President Barack Obama's economic stimulus plan by 246 votes to 183, with the Senate set to vote later. |
| But the $787bn (£548bn) plan failed to get any Republican backing. | But the $787bn (£548bn) plan failed to get any Republican backing. |
| Earlier on Friday, Mr Obama said that Congressional approval of the stimulus plan was "critical". | Earlier on Friday, Mr Obama said that Congressional approval of the stimulus plan was "critical". |
| If the Senate backs the package of tax cuts and spending, designed to rescue the ailing US economy, the president will be able to sign it into law. | If the Senate backs the package of tax cuts and spending, designed to rescue the ailing US economy, the president will be able to sign it into law. |
| Its approval by the House of Representatives failed to outweigh US stock market worries about the banking sector. The Dow Jones Index lost more than 1% on Friday. | |
| Members of both houses of Congress reached a deal over the content of the stimulus package on Wednesday. | Members of both houses of Congress reached a deal over the content of the stimulus package on Wednesday. |
| The president says his plan will "save or create more than 3.5 million jobs". | The president says his plan will "save or create more than 3.5 million jobs". |
| But the Republicans argue there are not enough tax cuts and that the economy will be saddled with debt for years to come. | But the Republicans argue there are not enough tax cuts and that the economy will be saddled with debt for years to come. |
| Split | Split |
| The only thing the Democrats' stimulus bill will do is stimulate more government and more debt Mike Pence, Republican representative | The only thing the Democrats' stimulus bill will do is stimulate more government and more debt Mike Pence, Republican representative |
| The revised packaged was backed by 246 House Democrats, while seven Democrats and 176 Republicans voted against it, dashing Mr Obama's hopes for bipartisan support. | The revised packaged was backed by 246 House Democrats, while seven Democrats and 176 Republicans voted against it, dashing Mr Obama's hopes for bipartisan support. |
| Republicans had insisted on larger tax cuts instead of big spending programmes. | Republicans had insisted on larger tax cuts instead of big spending programmes. |
| The version of the plan approved by the House is split into 36% for tax cuts and 64% percent in spending and money for social programmes. | The version of the plan approved by the House is split into 36% for tax cuts and 64% percent in spending and money for social programmes. |
| Republican representative Mike Pence said before the vote: "The only thing the Democrats' stimulus bill will do is stimulate more government and more debt." | Republican representative Mike Pence said before the vote: "The only thing the Democrats' stimulus bill will do is stimulate more government and more debt." |
| But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill." | But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill." |
| 'Driving purpose' | 'Driving purpose' |
| Meanwhile, Mr Obama said that in the longer term the government needed to rein in spending. | Meanwhile, Mr Obama said that in the longer term the government needed to rein in spending. |
| 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 | 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 |
| "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 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. |
| "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." |
| "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 | Negotiations |
| The House approved its $825bn version of the package last week without any Republican support. | 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 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. | 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. | President Obama increased the pressure on Congress this week, saying he wanted the bill on his desk ready to sign by this weekend. |