OBAMA DENOUNCES STIMULUS HOLD-UP

US President Barack Obama has said the Senate's delay in passing his $900bn (£616bn) economic stimulus package is "inexcusable and irresponsible".

He described the economic situation as "an urgent and growing crisis", which could become "a catastrophe" if the Senate failed to act.

The bill includes measures to cut taxes and invest in job creation.

Moderate Democrat and Republican senators have argued that the plan should be trimmed by up to $90bn.

Mr Obama described as "devastating" the news that nearly 600,000 Americans lost their jobs in January.

"The situation could not be more serious. These numbers demand action," he said.

Mr Obama's remarks came as he unveiled a new board of economic advisers, chaired by Paul Volcker, former chairman of the Federal Reserve.

"I created this board to enlist voices that come from beyond the echo chamber of Washington DC," said Mr Obama, "and to ensure that no stone is unturned as we work to put people back to work and to get our economy moving."

BBC NEWS REPORT.