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The senate cleared the stimulus package bill on Tuesday to revive the recession hit economy. This bill will now create 4 million jobs in US. This comes as a small reprieve to the already sinking economy.

The three Republican Senators who crossed over to support the President in his stimulus package were Susan Collins and Olympia Snowe of Maine and Arlen Specter of Pennsylvania.

Earlier, addressing his first news conference after assuming office on January 20, Obama said the stimulus plan was “not perfect”, but would create up to 4 million new jobs, 90 per cent of which will be generated by the private sector.

“I think my initial measure of success is creating or saving four million jobs. That’s bottom line number one, because if people are working, then they’ve got enough confidence to make purchases, to make investments,” he said.

Calling the current economic crisis the “worst” since the Great Depression of the last century, Obama had appealed to the Congress to set aside differences and pass the stimulus package as the federal government only can break “vicious cycle” gripping the US economy.