US Senate approves economic stimulus plan

The US Senate overwhelmingly approved its own version of a giant economic stimulus plan sought by the White House amid mounting fears that the economy could be falling into a recession.

Senate lawmakers voted 81-16 to approve the stimulus, essentially clearing a last hurdle for the measure which requires US President George W Bush's signature to be enacted.

Lawmakers said they want to get the bill, valued at around USD 150 billion, to Bush for signing as soon as possible, clearing the way for tax rebates to be mailed to tens of millions of Americans.

Treasury Secretary Henry Paulson welcomed the Senate's approval, saying it would help inject money into the stressed US economy quickly.

Paulson's rapid welcoming of the Senate vote suggests it will also be quickly endorsed by Bush.

The stimulus includes a range of incentives the White House hopes will boost economic momentum amid a two year long housing slump and slowing economic growth.