Stimulus bill passes another hurdle

If it’s a race against the clock, then Congress is moving through the economic stimulus bill in record time. On Wednesday, negotiators agreed on a two-year shot in the arm that will total $789 billion and will reduce the size of the tax cuts being offered to workers by 20%.

At a news conference, Senate Majority Leader Harry Reid (D-Nev.) said the stimulus bill should create 3.5 million jobs once President Barack Obama signs it into law.

“The middle ground we’ve reached creates more jobs than the original Senate bill and costs less than the original House bill,” Reid told the USA Today.

The House will vote on the measure Thursday or Friday, leaving the Senate enough time to have it on President Obama’s desk by the President’s Day deadline.

The original Senate bill, which was funded at $838 billion, had the upper hand in negotiations because it had the backing of three Republicans. So in the end Americans can expect more tax cuts and less government spending.

The transportation industry is expected to receive $46 billion, with $30 billion marked for road and bridge construction.