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House Approves Stimulus Package

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The Associated Press

Published: January 29, 2009

WASHINGTON - In a swift victory for President Barack Obama, the Democratic-controlled House approved a historically huge $819 billion stimulus bill Wednesday night with spending increases and tax cuts at the heart of the young administration's plan to revive a badly ailing economy.

The vote was 244-188, with Republicans unanimous in opposition despite Obama's pleas for bipartisan support.

"This recovery plan will save or create more than three million new jobs over the next few years," the president said.

The vote sent the bill to the Senate, where debate could begin as early as Monday on a companion measure already taking shape. Democratic leaders have pledged to have legislation ready for Obama's signature by mid-February.

"The ship of state is difficult to turn," said Speaker Nancy Pelosi. "But that is what we must do."

That is what President Obama called us to do in his inaugural address."

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The Federal Reserve kept its federal funds rate near zero and signaled that it will keep using unconventional tools to cushion the fallout from the deteriorating economy.

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The Fed also revealed that it is taking steps to try to keep some distressed borrowers in their homes, with options including lowering the amount the homeowner owes on the mortgage, reducing the interest rate or lengthening the term of the loan.

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