The U.S. Congress gave final approval to President Barack Obama's $787 billion economic stimulus package in hopes of wresting the economy out of recession through a mix of tax cuts and federal spending, Bloomberg reported.
The Senate approved the package 60 to 38 with three Republicans joining Democrats in voting "yes." Earlier today, the House passed the measure 246 to 183 with no Republicans in favor and seven Democrats opposed. The bill, Obama's first major victory on Capitol Hill, now heads to his desk to be signed into law.
"After all the debate, this legislation can be summed up in one word: Jobs," said House Speaker Nancy Pelosi, a California Democrat, during today's floor debate. "The American people need action and they need action now."
Because of paperwork that needs to be done, the legislation will reach the president's desk "no earlier than Monday," White House press secretary Robert Gibbs said.
Democrats predict the plan would save or create 3.5 million jobs. Its biggest item is a $400 payroll tax cut for individuals and $800 for couples. Retirees, disabled veterans and others who don't pay payroll taxes would get a $250 payment.
Republicans argued that the bill contained too much government spending and, because of that, wouldn't do enough to boost the economy.