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UPDATED: Senate committee OKs amendments to stimulus package

Changes do not address raising conforming loan limit

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Editor's note: This story has been edited from an earlier version to clarify that a proposal to raise the conforming loan limit and upper limits for FHA loan guarantee programs remains part of the economic stimulus bill to be voted on in the Senate. The Senate Finance Committee approved a proposed economic stimulus package Wednesday that would expand tax rebates in stimulus legislation approved by the House Tuesday. A full Senate vote on the stimulus bill adopted by the House is expected this week. If the Senate accepts the committee's proposed amendments or allows other changes to the House bill, negotiations between House and Senate leaders to reconcile differences between the two versions of the bill would begin again. The bill approved by the House in a 385-35 vote Tuesday -- HR 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 -- would provide tax rebates of $600 to $1,200 per working family and about $50 billion in tax breaks for businesses (se...