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Senators reach deal on US stimulus bill

(Agencies)
Updated: 2009-02-07 12:43

US Senator Max Baucus (D-MT) (L-R), Senator Patty Murray (D-WA), Senator Charles Schumer (D-NY), Senate Majority Leader Harry Reid (D-NV) and Senator Richard Durbin (D-IL) talk with reporters about a deal to pass President Barack Obama's economic stimulus bill at the US Capitol in Washington, February 6, 2009. [Agencies]

Washington - US Democratic senators agreed Friday on a scaled-back US$780 billion fiscal stimulus package, a potentially big win for President Barack Obama but undercut by scant Republican support.

Related readings: Obama names advisory panel Tentative stimulus deal reached Obama asks Democrats to quickly pass stimulus plan Obama economic plan tops $900b

Democrats said a vote on passage of the measure, drafted by leaders of a group of moderate lawmakers from both parties, and closely watched internationally as a sign of US commitment to help revive the world economy, would be held by early next week.

"We do not want this recession we're in to march into a depression," said Senate Majority Leader Harry Reid, a Nevada Democrat, confident he had the votes for passage.

With the United States in the grip of the worst economic crisis in more than 70 years -- a report on Friday showed nearly 600,000 jobs were lost in December -- Obama has demanded that a bill be put on his desk by February 16.

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