January 15th, 2009
10:45 AM ET
11 years ago

House Dems offer $825B stimulus bill

(CNNMoney.com) - After weeks of talks with President-elect Barack Obama's top aides, House Democrats on Thursday released a summary of an $825 billion economic recovery package that calls for $275 billion in tax cuts and $550 billion in spending and aid to states.

House Speaker Nancy Pelosi, D-California, said on Wednesday that she is more confident that Congress would reach the mid-February deadline for getting a bill to Obama's desk.

Obama is scheduled to promote the bill on Friday in Ohio, where he'll speak with workers at a wind turbine factory. The package calls for $54 billion to double production of alternative energy.

Top economic advisers to Obama have estimated that the stimulus plan they laid out, which is largely reflected in the House Democrats' bill, could create between 3 million and 4 million jobs by 2010 across a broad array of industries.

But members of Obama's team and other economists acknowledge that if close to 4 million jobs are created that won't be a panacea for the economy. Rather, it would lead to a lesser rate of unemployment than would otherwise be the case if there was no economic recovery package.

- CNN congressional producer Deirdre Walsh contributed to this report.


Filed under: Economy • House • House Democrats
soundoff (32 Responses)
  1. Steve

    Congress is gearing up to spend more of our money like drunken sailors. My apologizes to drunken sailors for the comparison!

    January 15, 2009 01:53 pm at 1:53 pm |
  2. MD

    Terry,

    Try and wean yourself of the E! channel and People Magazine and do some thinking for yourself.

    January 15, 2009 02:29 pm at 2:29 pm |
  3. MD

    Becky,

    Let's start at the beginning:

    1 + 1 = 2
    1+ 2 = 3
    1+ 3 = 4

    Once you learn the basics, then come back with a realistic arguement instead of:

    1 + 1 = 5 and it's Bush's fault.

    January 15, 2009 02:31 pm at 2:31 pm |
  4. JA/TN

    taxpayers should get monies directly, banks and other entites will only hold and bury the funds

    January 15, 2009 02:47 pm at 2:47 pm |
  5. j

    They're just spending money like there's no tomorrow. I hope they know what they're doing because if a corporation or household did this, they'd soon be in bankruptcy. Do they even have a plan or are they just going to throw out money as quickly as they can in all directions? I'd like about 5 million, please!

    January 15, 2009 02:52 pm at 2:52 pm |
  6. Cheri NW Arkansas

    Someone remind me to water my money tree please...

    January 15, 2009 03:18 pm at 3:18 pm |
  7. DBOSTON

    I just want 1% I would be all set

    January 15, 2009 03:52 pm at 3:52 pm |
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