Stimulas Plan : The US Senate approved the USD 787 billion dollar financial stability plan to boost the ailing economy, sending the emergency stimulus legislation to President Barack Obama, who is expected to sign it into law. The senate voted 60-38 for the Compromise Bill on the same day the House of Representatives also passed it.

The measure, aimed at combating the worst economic crisis since the Great Depression of the 1930s, marks Obama's first major victory in Congress, less than a month after taking office.

The measure, aimed at combating the worst economic crisis since the Great Depression of the 1930s, marks Obama's first major victory in Congress, less than a month after taking office.

Speaking in his weekly radio and Internet address, Obama said, "I will sign this legislation into law shortly, and we'll begin making the immediate investments necessary to put people back to work doing the work America needs done."

At the same time, he cautioned, "The problems that led us into this crisis are deep and widespread, and our response must be equal to the task."

Earlier in the day, the US House of Representatives passed the USD 787 billion Economic Stimulus Bill in a 246 to 183 vote. The bill was passed with no Republican support. The final spending and tax cut mix in the USD 787 package stands at about 64% and 36% respectively.

Majority leaders like Stenny Hoyer accused Republicans of sticking to same policies of the failed eight years of the Bush administration.

Nancy Pelosi, House Speaker (Democrat), said the American people are feeling a great deal of pain. "They have uncertainty about their jobs, about healthcare, about ability to pay for the education of their children and sad to say in our great country even their ability to put food on the table. So, today we have passed legislation that does take that swift action on their behalf."

Senator Chris Dodd, Chairman, Banking Committee, said we are in the deepest economic crisis in the lifetime of any American. "They are worried about their pay. Our system of economy is at risk these days. We'll be judged by history as to whether or not we could respond intelligently to it."

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