House, Bush Cut Stimulus Deal
Posted on Jan 24, 2008
House Democrats, Republicans and President Bush have tentatively agreed on the broad outlines of a $150-billion stimulus package. Most of that money will come in the form of payouts ranging between $300 and $1,200 for individuals and households.
Democrats were able to include lower-income Americans in the deal but had to give up on extra food stamps and an unemployment benefits extension.
Republicans, for their part, lost out on extending Bush’s tax cut.
New York Times:
The accord was announced by Speaker Nancy Pelosi of California, Republican leader Rep. John A. Boehner of Ohio, and Treasury Secretary Henry M. Paulson Jr. at a Capitol news conference and hailed minutes afterward by President Bush as the fruit of “patience, determination and good will” in both parties.
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 is 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.”