Thursday, February 12, 2009

House, Senate reach deal on economic stimulus package

Here are the dirty details. The price tag is less than both chambers' versions, at $789 billion, slightly below the $800 billion target of the Obama administration (which was already on the lower side of what economists say we need). But it was needed to placate the Republican senators whose votes are needed to pass the bill (it's unclear if the final version will garner any more GOP support, but don't count on it). Some of the tax cuts were scaled back and some of the state funding for schools restored (though only for existing school modernization and not new school construction). The stimulus is primarily meant to boost job creation, with an estimate of 3.5 million new jobs over the next few years (this DMN article suggests 286,000 of those will be here in Texas).

Both houses are expected to pass it by the end of tomorrow and President Obama will sign it into law at a public ceremony shortly thereafter.

UPDATE: Think Progress has a list of improvements in the final bill as opposed to the Senate version.

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