US Democrats introduce Obama’s $825-billion stimulus planJanuary 16th, 2009 - 5:12 am ICT by IANS
Washington, Jan 16 (DPA) Democrats in the US House of Representatives Thursday introduced an $825-billion economic stimulus plan that president-elect Barack Obama hopes will help revive the struggling economy.The bill would provide for $550 billion in job-creating investments over two years and $275 billion in tax relief, media reports said.
Obama had originally requested $775 billion for his stimulus plan.
The bill is separate from consideration being given to $350 billion - the second half of the financial bailout plan aimed mainly at the finance industry passed last year by Congress. The Senate was considering that measure Thursday, and the House could consider it next week.
Obama had hoped to have stimulus measures on his desk to sign on the day of his inauguration Tuesday, but growing resistance in Congress could delay passage until Feb 13 - a deadline Obama has set and Congress has promised to meet.
In a measure of the country and world’s serious economic crisis, Obama broke with past traditions of president-elects to stay out of the fray and became actively involved in lobbying for legislation even before his formal confirmation.