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.