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| Bid to trim Obama's stimulus plan | |
| (about 1 hour later) | |
| US senators are reviewing President Barack Obama's $900bn (£616bn) economic stimulus package to try to cut costs. | |
| Moderate Democrat and Republican senators have argued that the plan should be trimmed by up to $90bn before it is voted through. | Moderate Democrat and Republican senators have argued that the plan should be trimmed by up to $90bn before it is voted through. |
| Mr Obama has warned the economic crisis could become a "catastrophe". | Mr Obama has warned the economic crisis could become a "catastrophe". |
| The president said that if Congress failed to pass his stimulus package, the resulting recession could destroy five million US jobs. | The president said that if Congress failed to pass his stimulus package, the resulting recession could destroy five million US jobs. |
| Speaking at a meeting of Democrats from the House of Representatives, Mr Obama said: "They didn't vote for the status quo; they sent us here to bring change. We owe it to them to deliver." | Speaking at a meeting of Democrats from the House of Representatives, Mr Obama said: "They didn't vote for the status quo; they sent us here to bring change. We owe it to them to deliver." |
| 'Trim the fat' | 'Trim the fat' |
| Bipartisan talks resumed on Friday. | |
| The New York Times reported that the cuts included $40bn in aid for states, more than $14bn for various education programmes, $4.1bn to make federal buildings energy efficient and $1.5bn for broadband internet service in rural areas. | The New York Times reported that the cuts included $40bn in aid for states, more than $14bn for various education programmes, $4.1bn to make federal buildings energy efficient and $1.5bn for broadband internet service in rural areas. |
| Democratic senator Mary Landrieu, one of those involved, said the group had "trimmed out some of the fat". | Democratic senator Mary Landrieu, one of those involved, said the group had "trimmed out some of the fat". |
| SENATE BILL: KEY POINTS Tax cuts for working families: $247bnJob-creating investments in infrastructure and science: $165bnJob-creating investments in health: $153bnJob-creating investments in education and training: $138bnJob-creating investments for an energy independent America: $82bnJob-creating investments tax cuts for small businesses: $21bnHelping Americans hit hard by the economic crisis: $72bn Source: Senate Appropriations Committee class="" href="/1/hi/business/7874407.stm">Q&A: Stimulus plan | |
| She told the Associated Press news agency that the senators had then added extra infrastructure spending. | She told the Associated Press news agency that the senators had then added extra infrastructure spending. |
| On Thursday, Democratic Senate Majority Leader Harry Reid said he was "cautiously optimistic" that the bipartisan group would reach a deal by the end of Friday. | On Thursday, Democratic Senate Majority Leader Harry Reid said he was "cautiously optimistic" that the bipartisan group would reach a deal by the end of Friday. |
| If not, he said he would call for a vote on Sunday, aimed at moving to a final vote. | If not, he said he would call for a vote on Sunday, aimed at moving to a final vote. |
| The House of Representatives approved its version of the package last week, worth $825bn, without any Republican support. | The House of Representatives approved its version of the package last week, worth $825bn, without any Republican support. |
| The two different versions of the bill will then have to be reconciled in a joint House-Senate committee before facing a final vote. | The two different versions of the bill will then have to be reconciled in a joint House-Senate committee before facing a final vote. |
| About one-third of the package being considered is composed of tax relief, with the rest devoted to spending on infrastructure projects. | About one-third of the package being considered is composed of tax relief, with the rest devoted to spending on infrastructure projects. |
| Broadly, Republicans want more tax relief and less spending, and they complain that some projects would do little to stimulate the economy or create jobs. | Broadly, Republicans want more tax relief and less spending, and they complain that some projects would do little to stimulate the economy or create jobs. |
| Democrats say the spending Republicans are calling wasteful amounts to a tiny percentage of the overall package. | Democrats say the spending Republicans are calling wasteful amounts to a tiny percentage of the overall package. |
| It comes amid another batch of gloomy economic figures. | It comes amid another batch of gloomy economic figures. |
| The labour department said the number of workers filing new claims for jobless benefits had hit a 26-year high last week. | The labour department said the number of workers filing new claims for jobless benefits had hit a 26-year high last week. |
| And figures published on Friday showed that nearly 600,000 private sector jobs were purged last month, the worst monthly figure since 1974. |