Congress Passes Economic Stimulus Bill

Staff Report

CNN Newsroom

WASHINGTON - President Obama got his wish.

Congress has approved his 787 billion dollar economic stimulus plan, and he's expected to sign it into law before President's Day.

The bill passed in the Senate on Friday by a vote of 60 to 38.

It will provide most individuals with a 400 dollar tax credit and most couples with an 800 dollar tax credit.

That amounts to an extra 13 bucks a week in your paycheck.

The measure also gives many students a 25 hundred dollar tuition tax credit and first-time home buyers a tax credit of up to eight-thousand dollars.

Also, those of you on Social Security will get a one-time payment of 250 dollars.

In addition to the tax cuts, the plan includes billions of dollars for infrastructure, education and energy-related projects.

The Congressional Budget Office predicts the proposal will create between one million and three million jobs.