Deal reached on stimulus package

Congress has reached on the nearly $800 billion economic stimulus package sought by President Obama. Senate Majority Leader Harry Reid , D-Nev., told reporters that House and Senate negotiators “bridged differences” between the two chambers’ versions of the bill and came up with a $789 billion package. The final cost came in below that of the House version, $820 billion, and the Senate’s $838 billion plan. “We came a long way in a relatively short time to achieve something big and urgently necessary for our country and our people,” said Sen. Joe Lieberman, I-Conn. “The president, the House, the Senate, members of both political parties — everybody gave something in these negotiations to achieve something bigger for our country and our people.” Mr. Lieberman expects the Economic Recovery and Reinvestment Act will "put a floor under this economy of ours” and will mark "the beginning of the turnaround for the American economy.” “Without a great spirit of compromise from the White House, the House and the Senate, we would not be able to announce this agreement today,” he said. The compromise plan is expected to create 3.5 million jobs and includes 35% in tax credits and 65% in federal government spending. Further details on the cuts were not immediately available. The new bill is headed for committee for discussion and could reach the House floor for a vote as early as Thursday.