$819B rescue plan approved by SENATE

The bill would cut taxes for individuals and businesses, provide billions of dollars for infrastructure projects, help states balance their budgets, and provide relief to millions of people who've lost their jobs or homes.

Democrats said the rapidly failing economy needs immediate attention.

"Every week we delay is another 100,000 people unemployed," said House Democratic leader Steny Hoyer of Maryland.

Earlier, the House rejected a Republican substitute that would have emphasized tax cuts. Republicans said their version would have created twice as many jobs as the Democrats' bill.

"The American people need a plan that works," said House Republican Leader John Boehner of Ohio.

The bill now heads to the Senate, with a goal of putting the legislation on President Barack Obama's desk by mid-February. Democrats hold a 255-178 majority in the House, and an effective 58-41 majority in the Senate.

Despite Obama's personal efforts to woo Republicans on Tuesday, not one Republican voted in favor of the bill on final passage. Twelve Democrats voted against it along with 176 Republicans.

The Senate isn't waiting for the House to act. Senate committees have been at work, with the tax portions of the bill getting the stamp of approval from the Senate Finance Committee late Tuesday. Senators boosted the cost of the tax cuts in the bill to $342 billion by agreeing to exempt millions of middle-class families from paying the alternative minimum income tax for one year.

Businesses and workers "are looking to Washington for action -- bold and swift," Obama said Wednesday after meeting with corporate chief executives. He said he expected to have a bill to sign within a few weeks.

"When it comes to rebuilding our economy, we don't have a moment to spare," he said. "All we can do, those of us in Washington, is help create a favorable climate in which workers can prosper, businesses can thrive, and our economy can grow."

The House bill includes $275 billion in tax cuts to go with $523 billion in direct spending and other provisions, all intended to boost U.S. economic growth this year and next.

Obama has said his goal is to create or save 3 million to 4 million jobs. The economy lost nearly 2.6 million jobs in 2008.