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08.02.2008 - Senate passes US economy plan

The US Senate has approved an economic stimulus plan that will provide extra money to retired people and veterans.

Aimed at helping to bolster the economy and avoid a recession, the plan is expected to be quickly passed by the House of Representatives.

The Czech Republic news are represented by www.prague-hotel-hotels.com

A day earlier a more generous version of the plan than that proposed by President George W Bush failed to find enough support in the Senate.

The credit crunch and housing market woes have dented the US economy.

The package, which won overwhelming support, includes providing one-off rebates of up to $600 for individuals and $1,200 for couples plus $300 for each child.

Those on low incomes, who do not pay income tax, would receive a $300 payout.

The moves add about $6bn to a $161bn plan which was passed by the House last month.

The new measures were passed in a vote by 81-16, but only after Democrats dropped calls for more unemployment benefits, assistance with fuel bills and plans to offer certain industries tax breaks.



(BBC)

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