The Senate Finance Committee passed one version Wednesday that would provide tax rebates between $500 and $1,000 to all but the richest taxpayers, and extends benefits for the unemployed.

The bill attracted support of both Democrats and Republicans, but faces an uphill battle in the full Senate. Republican leader Mitch McConnell is urging lawmakers in his party to reject the committee's bill and support a less expensive version approved by the House on Tuesday.

The House's bill provides tax rebates between $600 to $1,200, but to fewer taxpayers.

Wednesday, the U.S. central bank cut the key interest rate by one-half of a percentage point in an attempt to help the struggling U.S. economy.

It was the second rate cut by the Reserve in just nine days.

The House economic stimulus package was passed after negotiations among the White House, and Democratic and Republican House leaders. President Bush is urging the Senate to pass the House's version of the package, and get it to his desk for signature as soon as possible.
Source: By VOA News