United States President, Barack Obama is expected to sign the American Recovery and Reinvestment Act in Denver on February 17 following Congressional approval of the final version of the legislation.
After a week of negotiations between House and Senate conferees on the tax and spending provisions, the bill passed the Senate on the evening of February 13 by 60 votes to 38, with only three Republicans voting in favor. Shortly before, the House approved the legislation by 246 votes to 183 with all Republicans voting against.
Despite failure to win bipartisan support for the recovery legislation, President Obama hailed its passage through Congress as "a major milestone" on the road towards America's economic recovery.
"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," he declared in his weekly radio address the day after the Congressional vote.
The final price tag of the bill is USD787bn, mostly made up of spending provisions. About one quarter of the package (some USD220bn), consists of tax cuts, including individual and business tax credits, an alternative minimum tax patch and tax relief provisions aimed mainly at small businesses.
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