Economic Indicators, Stock Market & Investment Reports

2.10.2009

U.S. senate approves economic recovery package

Senate approved an $838 billion economic stimulus bill on Tuesday, 02/10/09. The bill backed by the White House survived a key test vote in the Senate Monday despite strong Republican opposition. Monday's vote was 61-36, one more than the 60 needed to advance the measure toward Senate passage on Tuesday.

The bill is a mixture of tax cuts, targeted spending on infrastructure projects and money to cash-strapped states. The stimulus is desperately needed to tackle the worst economic crisis in more than a generation.

The measure must now be reconciled with a $819 billion House version before being sent to Obama for signature. The president has warned of economic "catastrophe" without the bill.

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