deal reached

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Registered: 01-22-2009
deal reached
Wed, 02-11-2009 - 3:27pm


Negotiators reach deal on stimulus bill
Majority leader Harry Reid says Congressional differences were bridged

BREAKING NEWS

msnbc.com news services

updated 3 minutes ago


WASHINGTON - Congress and the Obama administration reached a deal on Wednesday on a $789 billion economic stimulus package that would mix tax cuts and new government spending to rescue the faltering U.S. economy.


Senate majority leader Harry Reid announced that negotiators had "bridged differences" between an $820 billion dollar House version of the package and an $838 billion version passed by the Senate.


"The middle ground we've reached creates more jobs than the original Senate bill and costs less than the original House bill," said Reid.


The bill includes help for victims of the recession in the form of unemployment benefits, food stamps, health coverage and more, as well as billions for states that face the prospect of making deep cuts in their own programs.


It also preserves Obama's signature tax cut — a break for millions of lower and middle income taxpayers, including those who don't earn enough to pay income taxes.


Senators said more than one-third of the bill was dedicated to middle class tax cuts, and it would help create 3.5 million jobs.


"Every provision that is included in this stimulus package will be designed and geared toward creating jobs," said Sen. Olympia Snowe, R-Maine.


Reid said votes on the final stimulus bill could come as early as Thursday.


The real decisions were reportedly made in Capitol office suites where House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and other key lawmakers, often joined by White House officials and their own aides, worked into the night on Tuesday and for most of the day Wednesday.


The reductions in the bill's size had caused grumbles among liberal Democrats, who described them as a concession to the moderates.


http://www.msnbc.msn.com/id/29136678/

Kate


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