House Democrats Focus on New Spending in Stimulus Plan
The Post's Shailagh Murray and Paul Kane report:
House Democrats unveiled a two-year stimulus package worth $825 billion that directs more to new government spending and less to tax cuts than president-elect Barack Obama proposed in his stimulus outline last week.
House Speaker Nancy Pelosi described the House bill as the "first step along the way" in what is expected to be an intense, four-week negotiating period with the Senate. Pelosi and Senate Majority Leader Harry Reid have pledged to deliver the legislation to Obama by Feb. 13. In the meantime, Pelosi predicted "practically no sleep on anyone's part."
The bill's cost estimate has nearly tripled since the fall, and it has grown even more in recent days, as lawmakers pile in their favorite provisions. Obama offered a $775 billion package earlier this month, and Senate Democrats have predicted their stimulus wish list could rise to $850 billion. If a $70 billion fix to the alternative minimum tax is included as expected in the final legislation, the finished product could top $900 billion and possible reach nearly $1 trillion.
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