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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: Boolish who wrote (143990)	1/28/2009 7:00:38 PM
From: Rocket Red	Read Replies (2) \| Respond to of 313184

U.S. House approves $819B stimulus bill Working with speed usually unseen by politicians in Washington, a Democratic-controlled House of Representatives approved President Barack Obama's US$819 billion economic stimulus plan Wednesday evening. 28/01/2009 6:40:17 PM U.S. House approves $819B stimulus bill View more MSN videosGo to CTV.ca The U.S. Capitol is illuminated in Washington, on Tuesday, Jan. 27, 2009. (AP / J. Scott Applewhite) CTV.ca News Staff Obama said his country is at a "perilous moment" which required swift and decisive action. House Speaker Nancy Pelosi declared a new era has begun in Washington, just more than a week after Obama took office. "The ship of state is difficult to turn," the California Democrat said. "But that is what we must do. That is what President Obama called us to do in his inaugural address." Despite intense lobbying by Obama, Republican representatives spurned the bill, saying it relied too much on spending and not on tax cuts. The bill includes about US$544 billion in government spending and $275 billion in tax cuts for individuals and businesses. It includes infrastructure money for highways and mass transit. The package will now head to the Senate, where Obama hopes it will get more Republican support. "I'm confident we're going to get it passed," he said. Obama met with business CEOs Wednesday and left the meeting saying all "left our meeting confident that we can still turn our economy around." Unemployment is at its highest levels in the U.S. in about 25 years and the banking industry is in a perilous situation despite the billions of dollars already funneled their way. "Another week that we delay is another 100,000 or more people unemployed. I don't think we want that on our consciences," Democrat Rep. David Obey, chairman of the House Appropriations Committee and a leading proponent of the legislation, said. Experts say the bill may not look quite the same after it goes to the Senate. Jim McTague, the Washington editor of Barron's Financial Weekly told CTV Newsnet that Senate Democrats will face pressure from both Republicans and the more conservative members of their own party. "It won't be a slam dunk because there are a lot of fiscally conservative Democrats in the Senate," he said. "I think the bill will be tweaked in the Senate." With files from The Associated Press