House, Senate Negotiators Reach Agreement on Stimulus

House and Senate negotiators reached agreement Wednesday on a stimulus plan with a cost of about $789 billion after scaling down the versions passed by both houses. "The middle ground we've reached creates more jobs than the original Senate bill and spends less than the original House bill," said Senate Majority Leader Harry Reid (D-NV). However, House and Senate leaders had not resolved every detail as of late Wednesday afternoon, and they delayed the start of a final conference committee meeting to work out differences on school construction funding, a major source of contention throughout negotiations. The House and White House favor a hefty investment, but the bill outlined this afternoon includes no specific spending on school infrastructure. A broader state aid account was expanded last night to provide funding for school renovations, but House negotiators apparently were unsatisfied. In a late afternoon statement, Obama hailed the agreement. "It's also a plan that will provide immediate tax relief to families and businesses, while investing in priorities like health care, education, energy, and infrastructure that will grow our economy once more," he said. "I'm grateful to the House Democrats for starting this process, and for members in the House and Senate for moving it along with the urgency that this moment demands." Congressional Republicans immediately denounced the agreement unveiled by Sen Reid and other senators, reiterating complaints that the package is too expensive and will not create jobs as much as it increases the size and reach of the federal government.