Obama's economic recovery plan on track in Senate, 3 million jobs

President Barack Obama's economic recovery plan is on track to pass Senate by a handful of moderate Republicans and Democrats have more than $ 100 billion in cuts in programs that will not create many jobs at once. But the group backed away from a confrontation that threatened to kill the legislation entirely of White House Chief of Staff Rahm Emanuel weighed in to urge Democrats to do a last round of concessions. States want a large amount, which aims to prevent cuts in benefits or tax increases. Much of the money goes to victims of the recession in the form of food stamps, unemployment and healthcare. It is money, as well, for the construction of highways and bridges. It is hoped that the overall effort would work themselves into the economy and save or create 3 million jobs or so to begin to facilitate the combination of recession in the end of this year.

Architects for the compromise, including Susan Collins, R-Maine, and Ben Nelson, D-authorities. Represents a larger group of Moderates unhappy that so much money that went into the programs they thought would not create jobs. Ultimately, all Republican except Collins and Arlen Specter, R-Pa. Left negotiations that eventually made a deal with the White House late Friday afternoon. At the same time ensure the passage of the Obama plan in the Senate within a few days, the agreement contains hard negotiations with Parliament. Officials put the cost of the bill for $ 827 billion, including Obama's signature tax cut of up to $ 1,000 for working couples. There is also a tax credit of up to $ 15,000 for homebuyers and small breaks for people buying new cars. Much of the new costs would be for the victims of recession, in the form of unemployment, health and food stamps.

In a large decline from the bill reached the Senate floor earlier this week, $ 40 billion would be cut from a "fiscal stabilization fund" for state governments, even if the $ 14 billion to increase the maximum Pell Grants for college for $ 400 to $ 5250 will be maintained which will support local school districts for children who are not on the law and special education. A plan to help unemployed people buy health insurance would be reduced to 50 per cent subsidy, rather than two-thirds. Senate Majority Leader Harry Reid, D-Nev., Who had sought Friday to cut only $ 63 billion in investments from the bill, throwing a wrench in the negotiations, called it a perfect compromise. He warmly praised it.

The FULL SPEECH of Barack Obama on Inauguration Day 2009


Despite a 58-41 majority in the election, Democrats need 60 votes to clear a key procedural hurdle on Monday fault error and advance the bill to a final vote. In addition to Collins, and Specter, Republican Sen. .. Olympia Snowe of Maine pledged to vote on legislation. Destination Securities Committee stadium negotiations played out against the background of yet another dismal jobs report - 598,000 jobs lost in January and the national unemployment rate rose to 7.6 percent. As its core, the legislation is designed to ease the worst economic recession in generations, and attracts several hundred billion dollars in spending to increase consumption of the public sector with tax incentives designed to increase consumer purchases.

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