Senate passes tentative stimulus bill

U.S. senators reached agreement on a tentative economic stimulus package with a price tag of $780 billion.

Democrats relented on the bill which at one point was costing $900 bn.

A number of senate Republicans, though, including Sen. John McCain are opposed to the deal. "This is not bipartisan," said McCain. "If this legislation is passed, it'll be a very bad day for America." However, Democrats think that they have enough votes to get the bill passed.

FOXNews

Senators Reach Tentative Deal on $805B Economic Stimulus Bill
FOXNews - 1 hour ago
Republican Sens. Arlen Specter of Pennsylvania and Susan Collins of Maine have signed onto the bill, giving Democrats enough votes to move it forward Senators, led by Minority Leader Mitch McConnell and Majority Leader Harry Reid, have been wrangling ...
Video: Democrats Say Stimulus Plan Progressing AssociatedPress




Comment by Adam S. Posen Dep. Dir., Peterson Institute for Int'l Economics

Obama puts pressure on for stimulus package

Amid further news of high unemployment, President Barack Obama is turning up the steam on opposition to his economic stimulus bill.

"So then you get the argument, 'well, this is not a stimulus bill, this is a spending bill.' What do you think a stimulus is? That's the whole point," Obama said in response to Sen. John McCain's comment that the Obama plan was a "spending bill."

Obama said that tax cuts are not the solution to everything and that spending is an effective way to create jobs.

Massive job loss will only deepen the economic woes as families cut back on spending.


Obama: Voters "sent us here to bring change."


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