Congressional Compromise On Stimulus Package

Posted by Orb Staff on February 12, 2009 No Comments
Categories : Residential Mortgage

Congressional leaders have agreed to the terms of a $790 stimulus package, with both chambers expected to vote on the final plan in the next few days. The legislation will reportedly reach President Obama by Monday at the latest.

The final package provides investments in alternative energy and healthcare, funding for infrastructure projects and state and local governments, and tax breaks for businesses and individuals. The Senate's version of the bill included a $15,000 tax credit for home buyers, but that amount was trimmed during negotiations, according to the Washington Post. The overall cost for that component will be reduced from $35 billion to about $5 billion, Sen. Susan Collins, R-Maine, told the paper, and the final package will include income limits to determine tax credit eligibility.

SOURCE: Washington Post

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