US Congress okays $787 bn stimulus package

In a major political victory for President Barack Obama, the US Congress has approved his $787 billion stimulus package designed to revive the battered American economy through tax cuts and creation of employment.

The momentous occasion for Obama came late last night when the Senate passed the American Economic Recovery and Reinvestment Act by 60 to 38 votes, hours after the House of Representatives approved the similar version of the $787 billion stimulus package by 246 to 183 votes.

Obama is likely to sign the bill into law, as early as early next week. Amid the worsening financial crisis, some 3.6 million people have lost their jobs in 13 months, of which 1.8 million have been in the last three months alone.

Despite the best of his efforts, Obama failed to gain support of even one Republican Congressman in the House. The bill could barely scrap through the Senate, which required a minimum of 60 votes, due to the support of three Republican Senators - Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania.

In fact the Senate had to wait for several hours last night as Democratic Senator Sherrod Brown from Ohio was flown back and forth on a government plane from the state, where he attended services of his deceased mother. His was the 60th and the last vote cast after 11 pm.

Obama says this bill would help in creating 3.5 million jobs in the next two years and revive the US economy facing its worst crisis since the Great Depression of last century.

Earlier in the day, White House spokesperson, Robert Gibbs, said there would be signing ceremony wherein the President would talk about the positive impacts of this legislation.

"I think he'll do that, as well, in Denver on Tuesday," Gibbs said. Obama would be travelling to Denver, Colorado, Tuesday where he will hold an event on the economic recovery plan.