January 14th, 2009
06:10 PM ET
14 years ago

Pelosi close to finalizing economic recovery package

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/01/14/art.pelosireid0114.gi.jpg caption="House Speaker Nancy Pelosi spoke with reporters Wednesday as Senate Majority Leader Harry Reid looked on."]
WASHINGTON (CNN) - House Speaker Nancy Pelosi said Wednesday afternoon that Democrats are getting close to finalizing the details of an economic recovery package and may be ready to release the details later in the day.

She declined to give any details on the bill to reporters, but said she is more confident that Congress would reach the mid-February deadline for getting a bill to Obama's desk.

"It's about four words - jobs, jobs, jobs, jobs," she said.

The overall price tag for the package is $800 billion to $850 billion, with about $300 billion to $325 billion designated for tax cuts, and $500 billion to $525 billion dedicated to infrastructure spending and aid to the states, according to a senior House Democratic aide. Democratic leaders are still deciding whether to include a "patch" of the alternative minimum tax, which would increase the cost of the tax-cut section.

After complaints from Democrats, a tax credit Obama proposed for employers was dropped. But another tax cut aimed at businesses, to broaden businesses' ability to write off their losses, called "net operating loss carryback," is still in the package, although it's unclear if it will remain in the final bill.

Republicans support the carryback provision, but some Democrats on the Hill want to drop it and shift more money to spending on infrastructure.

There was a flurry of meetings on Capitol Hill Wednesday. Obama's incoming chief of staff, Rahm Emanuel, met with House Democratic leaders. Jason Furman, a top economic aide to Obama, held a morning meeting with House
Democratic freshmen. And Democratic leaders held an afternoon meeting to work through final decisions on which tax cuts will be included.

The senior aide wouldn't rule out releasing details Wednesday evening, but said it's more likely there will be an announcement Thursday.

Filed under: Congress • Economy • House • Nancy Pelosi
soundoff (31 Responses)
  1. Polly

    Let's see...you want to continue to go in deeper and deeper in order to get out of it...well, usually that kind of behavior leads to drowning...

    January 14, 2009 10:16 pm at 10:16 pm |
  2. Alicia

    I am hopeful that Nancy Pelosi is supportive of the President Elect Obama. Not thinking she is too good to answer to the highest job in the land.

    I always admired her, and hope she does not change the view od many women. Reid is a racist dude who can't stand working for a Black man.

    January 14, 2009 10:17 pm at 10:17 pm |
  3. Scott Tucson

    Pelosi and Reid, the only jobs they're worried about is keeping theirs.

    January 14, 2009 10:18 pm at 10:18 pm |
  4. Judy from PA

    I think I like Sarah Palin more than Nancy Pelosi.

    January 14, 2009 10:39 pm at 10:39 pm |
  5. Outspoken

    Kind of like a political version of the Keystone Cops. 🙂

    January 14, 2009 10:41 pm at 10:41 pm |
  6. Judy from PA

    By the way, nice Presidential limousine. Does it bounce up and down with the music, too?

    January 14, 2009 10:44 pm at 10:44 pm |
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