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Congress passes B.O. stimulus plan
In a swift victory for US President Barack Obama, the Democratic-controlled House of Representatives approved a historically huge $819 billion economic stimulus bill Wednesday night with spending increases and tax cuts at the heart of the young administration's plan to revive a badly ailing economy.

The vote was 244-188, with Republicans unanimous in opposition despite Obama's pleas for bipartisan support. "This recovery plan will save or create more than three million new jobs over the next few years," the US president said in a written statement released moments after the House voted.

Earlier, Obama had declared "we don't have a moment to spare" as congressional allies hastened to do his bidding in the face of the worst economic crisis since the Great Depression.

On the final vote, the legislation drew the support of all but 11 Democrats while all Republicans opposed it.
On the final vote, the legislation drew the support of all but 11 Democrats while all Republicans opposed it. The vote sent the bill to the Senate, where debate could begin as early as Monday on a companion measure already taking shape. Democratic leaders have pledged to have legislation ready for Obama's signature by mid-February.

A mere eight days after Inauguration Day, Speaker Nancy Pelosi said Tuesday's events heralded a new era. "The ship of state is difficult to turn," said the California Democrat. "But that is what we must do. That is what President Obama called us to do in his inaugural address."

With unemployment at its highest level in a quarter-century, the banking industry wobbling despite the infusion of staggering sums of bailout money and states struggling with budget crises, Democrats said the legislation was desperately needed.

"Another week that we delay is another 100,000 or more people unemployed. I don't think we want that on our consciences," said Democratic Rep. David Obey, chairman of the House Appropriations Committee and one of the leading architects of the legislation.

In New York City, an Obama economic adviser and Citigroup Inc.'s incoming board chairman, Richard Parsons, called the nation's financial crisis "a death spiral" and said the federal stimulus was the only way to save the economy.

"If we don't use taxpayer money to do it, there is no money to do it," Parsons said in a speech to lawyers. "If the financial system collapses, shame on all of us; we'll all have hell to pay."

Republicans said the bill was short on tax cuts and contained too much spending, much of it wasteful and unlikely to help laid-off Americans.

The party's leader, Rep. John Boehner, said the measure "won't create many jobs, but it will create plenty of programs and projects through slow-moving government spending." A Republican alternative, comprised almost entirely of tax cuts, was defeated, 266-170, moments before the final vote.
Posted by: Fred 2009-01-29
http://www.rantburg.com/poparticle.php?ID=261075