US House passes Obama’s economic stimulus plan

January 29th, 2009 - 9:19 am ICT by IANS  

Barack ObamaWashington, Jan 29 (Xinhua) The Democratic-controlled US House of Representatives has approved President Barack Obama’s $819 billion economic stimulus plan containing emergency spending and tax cuts.The House measure, which was approved Wednesday, combines roughly $275 billion in temporary tax cuts for both individuals and businesses along with about $544 billion for job-creating investment projects, health industry improvements, expanded aid for the poor and unemployed, and improving education.

Obama hopes the stimulus plan will create around four million jobs and help revive the economy, which has been in a worsening recession since December 2007.

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