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

Pelosi close to finalizing economic recovery package

House Speaker Nancy Pelosi spoke with reporters Wednesday as Senate Majority Leader Harry Reid looked on.

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. Bob

    Everyone should eat pineapples !

    January 14, 2009 06:18 pm at 6:18 pm |
  2. No Incumbents 2010

    Four 3 letter words.

    January 14, 2009 06:19 pm at 6:19 pm |
  3. FreeNLovIt

    She hit it right on the NAIL!!!!

    January 14, 2009 06:30 pm at 6:30 pm |
  4. Jenny

    Who cares what she says...put her out to pasture and get someone who knows what they are doing...hasn't she been in congress making poor decisions for the past eight years?

    January 14, 2009 06:31 pm at 6:31 pm |
  5. Erika, KS

    Who cares what she says? She have given into every whim that George W Bush wanted. She's a weak, spineless twit. The democrats in Congress are equally guilty about the state of this nation, along with Bush. How she got to be Speaker is beyond me. She's a liar and a back stabber. In fact, I don't find any redeeming qualities about her at all.

    January 14, 2009 06:34 pm at 6:34 pm |
  6. TheTruthHurts

    If we're going to do it, let's do it. I will only slow the pain temporarily. We need transparency in banking and finance. Money has been made based on debt and profits/hiring has been based on debt. No debt, no hiring, no profit. That won't be changed by $800B over two years.

    January 14, 2009 06:34 pm at 6:34 pm |
  7. Sharon

    Well it sounds like business as usual for the Republicans. They voted for bailout funds with their President but now that the new guy is from the other party it's "No Way." And they site miss apropriation and unaccounted for funds from the first half of the bailout that happened under their own administration. Get off the pot boys because We The People can't survive much longer with your party line business as usual.

    January 14, 2009 06:39 pm at 6:39 pm |
  8. Give me a break!

    Education needs a bail out! NCLB has ruined our country's education system – demaned more from teachers with less salary and funds to implement it. Aren't we considered infrastructure???

    January 14, 2009 06:46 pm at 6:46 pm |
  9. chuck


    January 14, 2009 06:48 pm at 6:48 pm |
  10. chuck


    January 14, 2009 06:50 pm at 6:50 pm |
  11. ignorance is bliss

    ban outsourcing and crack down on employers of illegals then there would be plenty of jobs.

    January 14, 2009 09:23 pm at 9:23 pm |
  12. worriedmom

    Can we bail her out, like right out the door! what a waste of a Democrat!

    January 14, 2009 09:32 pm at 9:32 pm |
  13. Rob Stumpf

    The package:






    What else do Democrats know how to do? Nothing.

    January 14, 2009 09:34 pm at 9:34 pm |
  14. Simmy

    Do the right thing, and do it quickly. You are being watched, and many are taking notes. Drop the old combative stances (all parties); and adapt to the new energy that is called a "breath of fresh air, hovering over our government."

    January 14, 2009 09:34 pm at 9:34 pm |
  15. works for a living

    Anytime you see Pelosi and Reid together in a picture you realize how much jeopardy America is in !

    January 14, 2009 09:35 pm at 9:35 pm |
  16. Jon

    Nancy Pelosi is a 70 + year old California socialist who has no business having anything to do with a capitalist economy. She should never have been put in a position of power. As far as the bailout goes the basic tenet of capitalism states that if you fail to produce a product that your customers want you go out of business. All we are doing with TARP is delaying the inevitable for the banks, brokerages and auto companies. Let's get it over with now, yes it will be painful. Japan tried this route and ended up with a 10 year recession. Paulson, Bernanke and company are only looking out for their buddies on Wall Street and the new Treasury Secretary doesn't even know how to do his own freakin taxes. It's a sad day when the most honest appearing Cabinet nominee is Hillary (furtures market) Clinton.

    January 14, 2009 09:40 pm at 9:40 pm |
  17. Polly

    Jobs, jobs, jobs, jobs...Wow! She can count to four correctly.

    January 14, 2009 09:50 pm at 9:50 pm |
  18. Ernie in LA

    Erika, KS, How she got to be Speaker is beyond me. She is a liar and a back stabber.

    Those are two qualifications for the job. Remember, she is a Dem

    January 14, 2009 09:53 pm at 9:53 pm |
  19. Juan Grain

    Heads will roll if you guys in Congress do not put your party hats away and start solving America's Economic Crisis.

    January 14, 2009 09:54 pm at 9:54 pm |
  20. jaye

    It better not be full of pork!

    January 14, 2009 09:58 pm at 9:58 pm |
  21. Polly

    Not impressed.

    January 14, 2009 10:04 pm at 10:04 pm |
  22. George in SF

    What great news! With visions of Dudley Do-Right, here come the comic duo of Pelosi and Reid to the rescue! And now, with the addition of Barry The Great (soon to be standing in for George The Failure) it's beginning to look more like the Three Stooges go to Washington. If it weren't so scary, I'd laugh!

    Do you remember back in September as the economy really tanked when Pelosi stared straight faced into the camera proclaiming "Don't blame the Democrats"? Well we all know now that the geniuses of this calamity is the mortgage crisis which is the direct result of the 1977 Community Reinvestment Act, a Democratic pet project. Not to say that the Republicans have been faultless in this debacle because they are in this as well but it sure looks like the people who caused this now think they are going to save us. Hopefully the very few in congress of both parties, who recognize the folly of these policies, will prevail. I'm not holding my breath.

    January 14, 2009 10:05 pm at 10:05 pm |
  23. Ernie in LA

    "After complaints from Democrats, a tax credit Obama proposed for employers was dropped" but another tax cut is in the package but may not stay there. This tax cut was a big promise from Obama. He has flip flopped again and he has not even moved into the White House. What is next?

    January 14, 2009 10:06 pm at 10:06 pm |
  24. jeannebeans

    I am so sick of Nancy Pelosi. She needs to retire. I cannot believe that her colleagues have put her in such a position of power. She's a whiner and a manipulator.

    January 14, 2009 10:15 pm at 10:15 pm |
  25. WIlly Brown

    Harry & Nancy. Two old dope smoking hippies screwing America.

    January 14, 2009 10:16 pm at 10:16 pm |
1 2