THE UNITED States Senate and the House of Representatives are poised to give final approval to a massive economic stimulus package after negotiators agreed to pare down the Bill to $789 billion.
A committee representing both houses of Congress agreed to reconcile rival versions of the stimulus package, a necessary step before it can be sent to President Barack Obama to be signed into law.
The cost of the compromise Bill is slightly smaller than that of either the House or the Senate Bills, a change that was trumpeted yesterday by the three Republican senators who joined Democrats to support the stimulus plan.
Announcing the agreement yesterday, house majority leader Harry Reid said that everyone involved in the negotiations had given ground to ensure that the Bill could become law as quickly as possibly.
Tax cuts will account for about 35 per cent of the plan and the remainder will go to government spending, much of it on infrastructure projects.
The compromise Bill must be approved by both houses of Congress in votes that could come as early as today and must win at least 60 out of 100 Senate votes to avoid procedural delays.
Mr Obama yesterday visited a road construction site in Virginia to make the case for the economic plan, promising that it would “save or create” up to four million jobs and lay the foundations for a stronger economy in the future.
“We’re surrounded by unmet needs and unfinished business – in our schools, in our roads, in the systems we employ to treat the sick, in the energy we use to power our homes. And that’s the core of my plan: putting people to work doing the work that America needs done,” the president said.
Mr Obama will travel today to Peoria, Illinois, where he will visit heavy machinery manufacturer Caterpillar, which announced 20,000 layoffs in recent weeks. The president said yesterday that Caterpillar’s chief executive had told him that some of those laid off could be rehired if the stimulus Bill is passed.
“What’s at stake here are not abstract numbers of abstract concepts – we’re talking about real families that we can help and real jobs that we can save,” Mr Obama said.
“So much depends on what we do at this moment. It’s not just about the future of my administration. It’s about the future of our families and communities, our economy and our country.”