US Senate panel backs $522 bln package for stimulus

10:05, 28 January 2009
518 0

The Senate Finance Committee...

The U.S. Senate Finance Committee on Tuesday approved a roughly $522 billion package of tax breaks and spending aimed at spurring economic and job growth to reverse the downward spiral of the economy, according to Reuters via The Forex Market .

The measure will be combined with a $365.6 billion spending package passed by the Senate Appropriations Committee before the entire legislation, costing a total of about $887 billion, will be considered by the full Senate in the coming days.

The Senate Finance Committee voted 14-9 for its part which includes roughly $275 billion in tax breaks and incentives and $180 billion for helping unemployed Americans keep their health insurance and states facing big budget shortfalls. The senators added a $70 billion fix to the alternative minimum tax.

If you see a spelling error on our site, select it and press Ctrl+Enter