WASHINGTON (RushPRNews) 01/28/09-The U.S. House of Representatives is voting Wednesday on President Barack Obama’s $825 billion plan to stimulate the economy.Democrats in the House have enough votes to pass the bill, but Mr. Obama wants broad bipartisan backing for the measure.
On Tuesday, Mr. Obama went to Congress to lobby skeptical Republicans who say the plan spends too much and does not offer enough tax cuts.
Plan’s total cost: $900 billion
Meantime, a key Senate panel approved its version of the bill after adding another $70 billion in tax cuts, bringing the total cost of the plan close to $900 billion.
The House and the Senate will have to reconcile their two versions of the stimulus plan before Mr. Obama can sign it into law. Democratic lawmakers hope to have the plan approved by mid-February.
Meanwhile, top officials of the U.S. central bank, the Federal Reserve, are holding a two-day meeting in Washington, seeking ways to ease the economic crisis. At the end of their meeting Wednesday, they could decide to adjust benchmark interest rates or leave the main rate where it stands, at a record low level of 0 to .25 percent.
