US stimulus package offers hope to IT firms

The US Senate has approved an $838bn stimulus package

Some big names in the technology industry expressed new hope for investment on Tuesday when the US Senate approved an $838bn (£578bn) stimulus package.

The hotly debated package includes billions in planned spending on domestic energy and IT infrastructure policies which could bring money to the companies tasked with building those projects.

Microsoft came out in support of the bill, saying that it would provide " critically needed funding".

"This legislation will create and save jobs, and will begin moving the American economy from an over-reliance on debt towards a steady underpinning based on R&D and innovation," said Fred Humphries, managing director of US government affairs at Microsoft.

"We look forward to working with Congress and the Obama administration to make sure these policies have the desired effect of revitalising our economy and creating long-term economic growth."

The IT industry was not alone in its praise for the bill. Proponents of renewable energy and 'smart grid' technology also came out in support of the Senate's decision.

"The Senate has taken another important step forward with the energy provisions in the stimulus bill that include investments in renewable energy, encourage conservation and provide funding to rebuild our nation's transmission grid," said energy magnate and emerging technology advocate Thomas Boone Pickens.

"While the House and the Senate will begin efforts to reconcile their legislation and present a bill to President Obama, we need to make sure that we remember that this is only the start of the effort on energy."