President-Elect Barack Obama is one step closer to getting an economic stimulus bill:
Democratic leaders in the House of Representatives unveiled an $825 billion tax cut and spending bill on Thursday they hope will help President-elect Barack Obama reverse the steep decline in the U.S. economy.
The bill, which would add to an already massive $1.2 trillion budget deficit forecast for this year, would combine $550 billion in emergency spending initiatives with $275 billion in temporary tax benefits over the next two years.
While saying that the bill was designed to get the "biggest bang for the buck," and would help create 4 million jobs, House Speaker Pelosi acknowledged that it was only the "first step" in what is sure to be a contentious process over the next several weeks.
Minority Leader Boehnert said that the "tax relief for middle-class families and small businesses" didn't go far enough, which works out well since Appropriations Chairman David Obey said the $825 billion price tag may not be enough.
House and Senate Democrats have pledged to have a bill ready for Obama by February 13th.