TENTATIVE DEAL REACHED ON STIMULUS PACKAGE

Although details may change as the Senate gets involved, it seems that House leaders have reached agreement on their economic stimulus plan, a plan President Bush supports.

From The New York Times:

House leaders and the White House on Thursday announced a tentative agreement on an economic stimulus package of roughly $150 billion that would pay stipends of $300 to $1,200 per household, and more for families with children, plus provide tax incentives for businesses to encourage spending.

The president and the speaker both described the accord as embracing the basic precepts of their respective parties. Mr. Bush called it “a powerful and effective way to help taxpayers and businesses” by letting people keep and spend more of their own money.

Ms. Pelosi said the package was aimed at the middle class “and to those who aspire to be in the middle class.” She described it as “timely, targeted and temporary — that was our standard.”

Senator Harry Reid of Nevada, the Democratic majority leader, said minutes after the announcement that he was pleased an agreement had been reached, and that he wanted a package ready for Mr. Bush by the time Congress recesses around President’s Day. But he said senators would “work to improve the House package” through the addition of unemployment benefits and other items.

Late in the negotiations that preceded Thursday’s breakthrough, Ms. Pelosi agreed not to include two proposals that have broad support among Congressional Democrats: an extension of unemployment benefits and a temporary increase in food stamps.

In exchange for those concessions, the Bush administration and House Republicans agreed that the stipend of at least $300 would be paid to all workers who earned at least $3,000 last year, even those who did not earn enough to pay taxes.