The Senate approved the measure late last night 60-38 with GOP moderates Sens. Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania voting with the Dems. Earlier in the day the House vote was 246-183, with all Republicans opposed. You can read the text of Obama’s address here
Congress has passed my economic recovery plan – an ambitious plan at a time we badly need it. It will save or create more than 3.5 million jobs over the next two years, ignite spending by business and consumers alike, and lay a new foundation for our lasting economic growth and prosperity.
This is a major milestone on our road to recovery, and I want to thank the Members of Congress who came together in common purpose to make it happen. Because they did, I will sign this legislation into law shortly, and we’ll begin making the immediate investments necessary to put people back to work doing the work America needs done.
There is also reason to rejoice because Congress of its own volition curtailed corporate excesses and the bill…
…limits bonuses for executives at all financial institutions receiving government funds to no more than a third of their annual compensation. The bonuses must be paid in company stock that can be redeemed only when the government investment has been repaid.
