CNN Congressional Producer
Speaker Nancy Pelosi said Democrats are getting close to finalizing the details of an economic recovery package and may release the details as soon as later Wednesday. Pelosi declined to give any details on the bill to reporters, but said she was more confident that Congress would reach the mid – February deadline for getting a bill to Obama’s desk. Pelosi said “it’s about four words – jobs, jobs, jobs, jobs.”
The overall price tag for the package is $800-$850 billion, with about $300–325 billion designated for tax cuts, and $500-$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 so – called “patch” of the AMT, 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 allow businesses 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 the carryback provision and shift more money to spending on infrastructure.
There has been a flurry of meetings on Capitol Hill on Wednesday. Obama’s incoming chief of staff Rahm Emanuel met with House Democratic leaders. Jason Furman, a top economic aide to Obama, held a meeting with House Democratic freshmen this morning. Democratic leaders are holding another meeting this afternoon to work through final decisions on which tax cuts will be included.
This aide wouldn’t rule out releasing details Wednesday, but said it’s more likely there will be an announcement Thursday.
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
Questions or comments? Send an email
Want to know more? Go behind the scenes with