Tentative Stimulus Deal Reached

Amid major new job losses and the latest bank failure, key senators and the White House reached tentative agreement today on an economic stimulus measure at the heart of President Barack Obama’s recovery plan.

From MSNBC:

Senate Democrats were now mulling the compromise, which would cap the package at $780 billion. The package had grown to $937 billion after senators added to it, and Obama has said he’d accept a deal around $800 billion.

“There’s a proposal that is sufficiently flushed out that we can have a caucus and discuss it,” said Sen. Kent Conrad, D-N.D. “This is a proposal that involves many of the interested parties.”

Sen. John Kerry, D-Mass., said the $780 billion proposal breaks down this way: 42 percent is for tax cuts and 58 percent is new spending.

A spokesman for Senate Majority leader Harry Reid, D-Nev., said that “Senator Reid needs to talk with his caucus before we can announce a deal.”

The breakthrough came after a bipartisan team of senators worked to lower the cost, reducing the overall package to $780 billion, NBC News reported.

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