Obama wins backing for $819 billion bail-out

Barack Obama scored the first major victory of his presidency as the US House of Representatives approved his $819billion (£578billion) stimulus package.

The deal provided a boost to shares in early trading on the Asian markets.

Mr Obama is hoping the bail-out will help lift the US economy out of its worst crisis in decades. The House voted 244 to 188 in favour of the package, but not a single Republican backed it.

Mr Obama issued a brief statement saying: "What we can't do is drag our feet or allow the same partisan differences to get in our way. We must move swiftly and boldly to put Americans back to work, and that is exactly what this plan begins to do."

The US Senate will now discuss the stimulus Bill, but it is thought it will face a much easier passage next week as the Democrats are in control. The final amount approved by the Senate is likely to be closer to $900billion. Republicans say the plan is full of pet projects for the Democrats and are unhappy with the tax breaks being offered.