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US stimulus package approved

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US stimulus package approved

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Senators in Washington say they have reached agreement on a huge economic stimulus package designed to revitalise the US economy.

Senior Democrats say they will back a plan worth E600bn , instead of the E700 bn sought by the president, in order to gain vital Republican support. President Barack Obama had earlier become angry with delays to the bill, which mixes big spending plans and tax cuts. President Obama has spoken of “an urgent and growing crisis”. “It is inexcusable and irresponsible to get bogged down in distraction and delay while millions of Americans are being put out of work. It is time for Congress to act. It is time to pass an Economic Recovery and Reinvestment Plan to get our economy moving again” His comments came as the latest unemployment figures showed that the US had had its single worst month for job losses for 35 years. Almost 600,000 people lost their jobs in January alone – figures Mr Obama described as devastating. With the stimulus package looking certain. The big question will it kick start the US economy?