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US Lawmakers Announce Final Stimulus Deal
Date: 2/11/2009 2:13:33 PM Sender: VOA News
US Lawmakers Announce Final Stimulus Deal  
By VOA News
11 February 2009
  

U.S. congressional leaders have announced an agreement on an economic stimulus package that now goes before the House of Representatives and Senate for final passage.

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Senate Democratic Majority Leader Harry Reid, 11 Feb 2009

At a Wednesday afternoon news conference, Senate Democratic Majority Leader Harry Reid said the compromise legislation should create 3.5 million jobs once it takes effect. The measure includes money for victims of the U.S. recession, funding for state budgets, and tax cuts for individuals and businesses.

House and Senate negotiators had been working on a compromise since the two bodies passed differing versions of the stimulus package. A key Republican involved in the talks, Senator Susan Collins of Maine, said the price tag of the bill is roughly $790 billion, nearly $50 billion less than the version approved by the Senate.

Congressional leaders hope to have a final measure ready for President Barack Obama＇s signature by next week.

While visiting a construction site in Virginia, just outside Washington, President Obama said Wednesday his plan to create jobs and revive the economy is both urgent and essential.

Mr. Obama has warned the nation faces a "catastrophe" if the federal government does not take bold action quickly.

Lawmakers worked to reach a compromise between an $838 billion plan passed by the Senate on Tuesday and an $819 billion plan passed earlier by the House of Representatives.

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