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Obama: Economy faces catastrophe without stimulus

U.S. President Barack Obama pressed Congress on Thursday to pass a massive fiscal stimulus package, saying the economy would face “catastrophe” without it.

Aiming to build support for the plan that has been criticized by Republicans, Obama also sharpened his rhetoric against his critics.

Obama spoke as the Democratic-led Senate abruptly halted debate on a $920 billion version of the plan on Thursday night. Lawmakers said they would resume work on Friday.

In a reference to Republicans, Obama told a gathering of House of Representatives Democrats that his critics were offering “tired arguments” for economic solutions that emphasized tax cuts for well-off families.

complete article @ Reuters

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