Congress, White House Reach Deal On Economic-Stimulus Plan

Today, Congressional leaders and the White House reached an agreement on a $789.5 billion economic-stimulus plan. Final votes on the plan are expected later this week.

Specifics details have yet been released, but, according to the Wall Street Journal, the White House agreed to trim a payroll tax holiday, reduce proposed aid to ailing state governments and scale back initiatives to provide health care for laid-off workers. $9 billion in funds for school modernization was also restored in the compromise. A measure to shield some taxpayers from the alternative minimum remains in the new bill. Tax breaks for buying cars and houses could be scaled back.

Tax credits account for about 35% of the plan and federal government spending accounts for 65%.

You May Also Be Interested In

• Crude Inventory Fell 0.9 Million Barrels Last Week - EIA
• China pledges to reduce trade tensions with Canada
• Grail tumbles as revenue misses estimates despite FDA vote