Congress, White House agree on stimulus deal

Congress and the White House agreed on an $790 billion economic stimulus bill this evening. About one-third of the package comes in the form of tax cuts.

Republicans are mostly opposed to the legislation.

Here is President Obama's reaction to the comprosie deal:

“I want to thank the Democrats and Republicans in Congress who came together around a hard-fought compromise that will save or create more than 3.5 million jobs and get our economy back on track.

“Just today, the CEO of Caterpillar said that if this American Recovery and Reinvestment Plan is passed, his company would be able to rehire some of the employees they’ve been forced to lay off. It’s also a plan that will provide immediate tax relief to families and businesses, while investing in priorities like health care, education, energy, and infrastructure that will grow our economy once more.

“I’m grateful to the House Democrats for starting this process, and for members

in the House and Senate for moving it along with the urgency that this moment demands.”