Economic Stimulus Package Almost Complete
As of Wednesday, the Senate and House have negotiated a compromise on educational funding in the stimulus plan.
Wednesday saw the major disagreements over the package get resolved during the negotiations. Harry Reid, the Senate majority Leader prematurely announced that a final negotiation was reaches while Nancy Pelosi later had it made public that they still needed to discuss the matter of education.
Money was originally intended to construct schools, but was later changed to modernize and improve schools. A total of $54 billion has been set aside for the improvement of schools.
President Obama issued a thank you to both Democrats and Republicans form completing the compromise. Furthermore, Obama announced that this plan would help create over 3.5 million jobs and fix the economy.
The Senate and the House have met the deadline goal of the end of this week.
In the end, only three of the 219 Republicans in Congress voted for the passing of the bill.
The final version of the bill will cost a total of $789 billion and create more jobs than previously intended.
The final version is expected to feature a homeowner tax credit, a tax credit for those who purchase a car in 2009, tax breaks for workers of $800 for families and $400 for individuals, and is 35% tax cuts and 65% spending.
With the Economic Stimulus Package finally passed in Congress and being prepped for the signing by President Obama, there is only one remaining question. How well will it work?
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