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US Senate divided over stimulus package
 Republicans and some Democrats in the Senate are at odds over Obama's proposed financial stimulus package, exceeding over $900 billion. Late on Tuesday, senators attached to the proposals an extra $11 billion in tax benefits for those buying new cars and also approved $6.5 billion for the National Institute of Health. That pushed the value of the plan, aimed at pulling the US out of its current economic malaise, from $884 billion to more than 900 billion. A week ago, the House of Representatives adopted a plan worth $819 billion. The rising cost of the package, however, has triggered calls for its total cost to be slashed with some Republicans calling for a complete overhaul of the Democrat-drafted text. Some of the major changes to the 900 billion-dollar economic stimulus package proposed by opponents in the Senate would strip off a provision that would have provided $246 million in tax breaks for Hollywood studios for writing off production costs. The opponents also refused to add a provision that would have temporarily cut the tax rate to 5.25 percent from 35 percent on profits companies earn overseas and bring back to the United States. On Wednesday, US President Barack Obama urged Congress to pass the bill saying the economic situation is too dire for any foot-dragging, but he is said to be open to "nips and tucks" in the massive plan. According to a Rasmussen poll published on Wednesday, 50 percent of voters think this stimulus plan -- the second such plan after a 700-billion-dollar Wall Street bailout approved under the Bush administration in October -- could make things worse. Posted by: Fred 2009-02-05 |
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