Final stimulus
Hopefully Congress will crunch the numbers soon.! We shall see if this unknown jump start is going to work, I am about ready to try anything as nothing is surely not working!
(CNN) — Congress is set to send a $789 billion economic stimulus package to President Obama’s desk by Monday after lawmakers worked around a disagreement over education funding in the package.
The stimulus deal was struck Wednesday after another furious day of negotiations on Capitol Hill involving House and Senate leaders, Obama administration officials and a trio of moderate Republicans.
The agreement represents a deal that everyone can live with, Democratic leadership sources said.
Sen. Max Baucus, chairman of the Senate Finance Committee, said it is possible the House of Representatives could take up the bill as early as Thursday and the Senate possibly Friday, meeting Obama’s timetable of having the bill on his desk by Presidents Day, which is Monday.
The exact language of the compromise bill is still being drafted, but here’s how it’s expected to affect individuals:
• Most individuals will get a $400 tax credit, and most couples will get an $800 credit. That amounts to an extra $13 a week in a person’s paycheck, starting in June.
• Many students will get $2,500 tuition tax credit.
• First-time home buyers may qualify for a tax credit of up to $8,000.
• People who receive Social Security will get a one-time payment of $250.
Senate staffers worked overnight trying to write the final legislation. Democratic sources said 35 percent of the bill deals with tax cuts and 65 percent with spending.
