TOKYO—Grim corporate earnings data from the world’s biggest automaker and thousands of job losses underscored Friday the urgency driving debate over Washington’s massive economic stimulus plan.

Japan’s Toyota Motor forecast an operating loss of $4.9 billion for the financial year to March, after already losing $4 billion in the third quarter alone as the global crisis sends car sales plunging.

British Airways, Japan Airlines and a clutch of other big corporate names announced or forecast dismal figures, and thousands more jobs are to face the ax across the world as companies try to make ends meet.

The slew of red ink and job cuts underlined the sense of emergency behind the US government’s attempts to pass a $900-billion stimulus plan, which it says is needed to kick-start the faltering economy.

Negotiations to pass the bill entered their final stretch late Thursday as the Senate wrapped up a fourth day of debate.

“I would hope that we can complete this legislation tomorrow. I have hopes and I’m cautiously optimistic that we can do that,” Democratic Senate Majority Leader Harry Reid told colleagues late Thursday.

Reid said he was waiting for the result of behind-the-scenes efforts by a group of moderate senators from both parties to forge a deal to win votes from Republicans, whose leaders say the bill is bloated and needs more tax cuts.

The plan attracted international controversy because of its “Buy American” clause, which forbade stimulus spending on a project unless all of the iron, steel and manufactured goods involved were made in the United States.

Senators diluted the contested clause by saying it must be applied in line with US international trade agreements, but did not remove it.

Separately, the US Treasury Department confirmed a new bank stabilization plan would be unveiled Monday by Secretary Timothy Geithner, but offered no details. AFP