First draft: House to vote on economic stimulus
President Barack Obama faces his first big political challenge as the House of Representatives is due to vote on a $825 billion package to stem the U.S. recession.
Despite a trip to Capitol HIll to woo Republicans on Tuesday, most House Republicans are expected to oppose the proposal. But Democrats were confident they had enough votes to get the package approved as they seek a final bill for Obama to sign into law by mid-February.
The Federal Reserve meets to review options on how to restore U.S. growth, with a statement by the Federal Open Market Committee around 2:15 p.m. EST (1915 GMT). The Fed is discussing how to revive the economy now that traditional interest-rate cutting tools have been exhausted. Fed officials are expected to discuss uncoventional measures to improve financial market operations.
At the White House, Obama will meet with a group of business leaders from across the country in a mid-morning meeting to discuss the impact of the weakening economy on businesses and workers. He will make remarks on the economy after the meeting, at 11:15 a.m. EST (1615 GMT).
He then turns his focus to national security issues, traveling to the Pentagon with Vice President Biden for a meeting with Secretary of Defense Robert Gates and other senior officials to discuss the situation
Photo credit: Reuters/Kevin Lamarque (U.S. Capitol)