Lawmakers from US president-elect Barack Obama's Democratic party have proposed an $825 billion package to stimulate a recovery in the US economy.
The package, comprising $275 billion in tax cuts and $550 billion in investments, will be debated by Congress 'in the next two weeks', a spokesman for the House of Representatives appropriations committee said.
The so-called American Recovery and Reinvestment package 'is the first crucial step in a concerted effort to create and save three to four million jobs, jumpstart our economy, and begin the process of transforming it for the 21st century,' according to the plan.
Obama, who will be inaugurated as US's 44th president on January 20, is also pushing Congress to pass the remaining half of a $700 billion financial bail-out package proposed by outgoing President George Bush's administration. The Democrats control both the House and Senate.
The new stimulus plan will be debated in the House following talks between Obama's transition team and lawmakers. The Senate is likely to have a different version of the plan.
'The economy is in a crisis not seen since the Great Depression,' according to the plan proposed by Democratic lawmakers.
