House Approves Stimulus Package
The US House of Representatives has approved a contentious $789 billion economic stimulus package. The Senate has not yet voted; should the bill pass the Senate, the next step is getting President Obama's signature, which is assured. Meanwhile, market activity was cautious ahead of today's announcements, causing stocks to dip.
Support for the bill is divided almost entirely by party affiliation, with Dems in support and the GOP in opposition.
Representative Charles Rangel, the New York Democrat who is chairman of the Ways and Means Committee, said the legislation would offer "hope not only for those people who are jobless, but hopeless."
But Representative Dave Camp of Michigan, the committee's ranking Republican, complained that Republicans had been "frozen out" by Democrats. "Most important, the American people were frozen out," he said. "Record me as a 'no' on this legislation."
Obama, who had set a February 16 target date for getting the bill and could sign it anytime after he receives it, said that finishing the legislation was critical but only the start of his efforts to rescue the crippled US economy.
As Mike Ness sang, "There's winners an' losers...which one will you be today?"
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