As US Treasury secretary Tim Geithner unveiled measures to shore up the financial sector, Congress started thrashing out differences between its rival stimulus bills on Tuesday after the Senate approved its $838bn version. Democrats forced through the Senate bill late Monday by 61 votes to 37 with support from three moderate Republicans. Congress must reconcile the Senate plan with the $819bn House version passed last month – a process which is sure to involve tough negotiations because the House bill contains about $100bn more spending than the Senate version, which includes heavier tax cuts. President Barack Obama opposes cuts made to education funding in the Senate bill and House Democrats have vowed to try to reinstate some spending.

This entry was posted by Gwen Robinson on Wednesday, February 11th, 2009 at 5:44 and is filed under Capital markets. Edit this entry.