House and Senate reach tentative deal on economic recovery package.

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"House and Senate reach tentative deal on economic recovery package."

CongressDaily reports the key elements of the tentative compromise:

House and Senate leaders have struck a tentative deal on a stimulus package with a top-line figure of $789.5 billion, Democratic aides said this morning. The overall mix of funding and tax provisions remains to be hashed out. One disappointment for President Obama is likely to be a scaled-back “Making Work Pay” tax credit of $400 for individuals and $800 for married couples, which falls short of his goal of $500 and $1,000. But those figures would still meet Obama’s goal of providing a tax credit to 95 percent of working families. Conferees are scheduled to meet at 3 p.m. today, although that will largely be a formality. Democratic aides said House Speaker Pelosi intends to bring the bill to the floor Thursday, followed by Senate passage Friday.

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Ambinder adds, “The Republican Senators will pare back some of their preferred tax cuts, and the Democrats will get some of their education / state aid money restored, although both sides will have to sacrifice.”


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,ABC’s George Stephanopoulos reports, “The compromise scales back the tax credits for auto and home purchases and other tax cuts. It also restores some of the House education funding that the Obama administration has called ‘crucial.'”

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