Feb. 11 (Bloomberg) -- U.S. lawmakers agreed on a $789 billion economic stimulus plan that President Barack Obama said is urgently needed to keep the country from sliding into a deeper recession.
Following weeks of debate and negotiations in Washington, Senate Majority Leader Harry Reid told reporters today that negotiators reached “middle ground” and Congress may vote on the plan within days. Reid said the package would create 3.5 million jobs. The Dow Jones Industrial Average rose 50.65 points, 0.6 percent, to 7,939.53.
“It is a jobs bill,” said Democratic Senator Ben Nelson of Nebraska, an architect of the compromise. “And today you might call us the jobs squad.” Nelson and other senators had insisted that the stimulus plan be less than $800 billion.
“The votes are there for passage, that is clear,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.
The new plan is smaller than the $838 billion bill approved by the Senate yesterday and the $819 billion package passed by the House last month. Obama had said he wanted a bill on his desk by the Feb. 16 Presidents’ Day holiday. more...
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