Wednesday, February 11, 2009

Congress Reaches Stimulus Deal | States to Get Cash Advances

Bill will give states a payday

Senate Majority Leader Harry Reid
Senate Majority Leader Harry Reid

States facing budget shortfalls could get big cash advances when President Barack Obama signs the economic stimulus bill.

The U.S. Senate and House of Representatives reached a consensus today on the stimulus package. The two houses are expected to hold final votes on the package before the end of the week, then the bill heads to Obama’s desk.

Earlier versions

Last week the House passed its version of the bill. Its total price tag was $819 billion. The Senate passed an even more pricey version of the bill yesterday that cost $838 billion. But when lawmakers met today to negotiate and reconcile the two bills, a lot of spending was cut.

This final version of the bill, which is expected to be approved by Obama in a few days, costs $789 billion. The bill gives cash advances to states and creates 3.5 million jobs, according to Senate Majority Leader Harry Reid.

Cost-saving compromise

“The middle ground we’ve reached creates more jobs than the original Senate bill and costs less than the original House bill,” said Reid. ... click here to read the rest of the article titled "Congress Reaches Stimulus Deal | States to Get Cash Advances"

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