House and Senate Reach Agreement on Economic Stimulus Bill
Wednesday, February 11, 2009
4:30 PM

At almost breakneck speed, the House and Senate reached agreement on a final economic stimulus package that will provide a total of $789 billion in spending and tax breaks, $30 billion less than the House-passed version and $50 billion less than the Senate-passed bill.

Senate Majority Leader Reid (D-NV), flanked by several other senators, announced the agreement at approximately 3:00 PM today. "The middle ground we've reached creates more jobs than the original Senate bill and spends less than the original House bill," Reid said. "This bill creates three and half million jobs," he added.

The three Republican senators -- Arlen Specter of Pennsylvania, and Olympia Snowe and Susan Collins of Maine -- that supported Senate passage of the $838 billion stimulus bill on Tuesday joined Reid to voice their approval of the final deal.

"This was a good faith effort on both the House and the Senate's part," Collins told reporters.

The final agreement all but required a nod from at least two of the GOP senators since the legislation needed a filibuster-proof majority (60 votes) due to the bill's "emergency" funding designation.

The specifics of the final package were not immediately clear, although some topline figures have emerged:

• $150 billion in total infrastructure spending, including roads, bridges, and broadband investments.

• Tax relief provisions represent more than 35 percent of the legislation.

In addition, House and Senate negotiators were expected to drop the Senate-passed $15,000 tax credit for homebuyers and tax incentives for new car buyers, lowering the cost of the final bill by approximately $45 billion.

A formal conference meeting is expected to occur later today.