Economic Stimulus | featured news

Less than one month after President Obama took office, Congress last night passed his flagship proposal, an unprecedented collection of tax cuts and new spending that Democrats say offers the country its best hope to stave off an impending depression.

A provision buried in the stimulus bill would impose restrictions on executive bonuses at companies reaping bailout money.

Congressional leaders hope to send the nearly $790 billion economic stimulus package to Obama to sign into law by his Presidents' Day deadline.

The plan is budgeted at $789 billion, which is smaller that original bills passed by each chamber. It could be sent to President Obama for his signature by the end of the week.

House and Senate negotiators have struck a deal on a final version of a sweeping economic recovery package.

Geithner acknowledged the government's missteps in dealing with the financial crisis, but he warned that unprecedented intervention is needed.

House, Senate leaders scale plan down to $789.5B, a net reduction of almost $40B from what the Senate approved yesterday, senior adviser says.

After a 61-to-37 vote that was largely along party lines, negotiations with the House over the $838 billion bill will begin.

Chafing over congressional delays, an energized President Barack Obama on Monday rallies supporters in Indiana and addresses his first presidential news conference in a new drive for passage of an $800 billion economic recovery plan.

Obama's new Treasury chief favors aggressive use of all available tools to bolster the U.S. economy.

The US president defends his economic stimulus plan as "absolutely necessary", and urges Congress to approve it quickly.