The panel approved an amendment requiring U

The spending package the panel approved includes billionsof dollars for upgrading roads, bridges and energy grids, aswell as for putting more police on the streets and expandinghigh-speed Internet services. Committee members jousted over the bill throughoutWednesday, as Republicans unsuccessfully urged more studybefore spending hundreds of billions of dollars while Democratsadded provisions important to organized labor. The panel approved an amendment requiring U.S.-made steelbe used in construction projects financed by the new spendingand another pushing higher wages for workers on such projects.The lawmakers also expanded funding of emergency food aid asmore people struggle to make ends meet in the worseningeconomy. In an early test of Obama's ability to bridge partisandivides amid deepening economic gloom, he and his fellowDemocrats in Congress must overcome strong skepticism amongRepublicans concerned about massive new programs that couldswell the federal government and deficit. Republicans have criticized the spending in particular,questioning whether projects to fund the National Endowment forthe Arts or to restore the National Mall in Washington wouldboost the economy and whether jobs would be created quickly. "Are we fostering job creation and economic stimulus or arewe simply growing the size of government" said Rep.

JerryLewis of California, the top Republican on the appropriationspanel. "I don't question the urgency of this package, Iquestion the priorities and its price tag." Democrats hope to push the package through Congress bymid-February to give Obama a big legislative victory a monthafter taking office and staunch the rapid loss of jobs in ayear-long recession. The tax-writing House Ways and Means Committee plans toconsider its part of the bill on Thursday. About $275 billionin temporary tax benefits for workers and businesses arepending. The House Appropriations Committee's vote followed arequest by House Republicans to meet with Obama to discusstheir ideas for boosting the economy and their preference toput greater emphasis on tax cuts to quickly create more jobs. Obama agreed to meet them next week, a Republican aidesaid, another sign he wants bipartisan support for the plan. "It's clear that trying to get money back into the economyquickly, preserve jobs and create job has to be the goal andfast-acting tax relief we believe is the best way to do that,"House Minority Leader John Boehner told reporters.

"When it comes to slow-moving government spending programs,it's clear that it doesn't create the jobs or preserve the jobsthat need to happen," he said. Obama wanted tax cuts to be a significant component of thepackage in a bid to win Republican support and move beyond thepartisan bickering that has stalled most legislation over thelast several years. Democrats on the panel defeated a series of Republicanamendments, including one that would have cut $122 billion inspending for child feeding programs, job training and otherprograms, and shift the emphasis to tax cuts. But it did approve an amendment aimed at accelerating statespending on highway and transit projects to create jobs morequickly and one that would prevent Illinois Gov. RodBlagojevich, who has been charged in a corruption scandal, fromdisbursing any of the emergency funds his state receives. (Additional reporting by Susan Cornwell, editing by ChrisWilson) Bonds. (For more stories on the financial crisis click ID:nCRISIS) Currencies Bonds TOKYO, Jan 22 (Reuters) - The Bank of Japan said on Thursdayit would buy corporate bonds maturing within one year to helpease corporate financing.