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| Politics
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| Obama gets Congress nod on bailout |
| Obama gets Congress nod on bailout
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| UNITED STATES OF AMERICA
, 16-January-2009
7:18:9 AM |
| Still days from taking office, President-elect Barack Obama scored his first victory in Congress, winning Senate approval to spend the second half of the massive USD 700 billion fund to bailout the country's teetering financial system.
Majority Democrats also proposed on Thursday increasing to USD 825 billion Obama's plan for a second package to stimulate the economy through a combination of federal spending and tax cuts. Passage of both measures would leave Obama with a USD 1.175 trillion war chest to use against the most dramatic slide in the US economy since the 1930s Great Depression.
Obama on Thursday was to tour a northern Ohio company that manufactures parts for wind turbines, a fitting backdrop to promote alternative energy dollars included his mammoth stimulus package.
Obama's campaign-style event is the first of a series he's expected to hold to generate support for his plan to pull the country from recession.
Citing an economy in crisis and worsening, Obama has spent the past two weeks securing lawmakers' backing for the eye-popping plan that has drawn skepticism from both Republicans and Democrats because of its price tag and tax provisions. He's now taking his pitch directly to the public and trying to sell the sweeping package to lawmakers' constituents.
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