Critics point to healthcare cuts, military spending spikes and soaring deficits.
“This package of payments to individuals and incentives for businesses to invest will support our economy as we weather the housing downturn,” he said.
However analysts say it is unclear how much of a boost the plan will give to the troubled economy, with many doubting it will deliver a needed shot-in-the-arm to growth.
The plan’s success depends in large part on whether Americans get out and spend their rebate checks or simply save them in their bank accounts.
The turnaround on Wednesday came after Democrats fell just one vote short of pushing their larger $205 billion plan past Republicans in the senate.
On Thursday, Democrats decided not to continue the battle and
instead send the measure to Bush.
Speaker Nancy Pelosi, the Democratic leader of the house, had called on the senate to stop infighting and pass the bill.
“There’s no reason for any more delay on this,” she said.
Reid said that there would be further bills on some of the elements that had been left out of the latest senate package.