House to push $500 billion stimulus bill

Reuters
Tuesday, Dec 02, 2008

U.S. House of Representatives Speaker Nancy Pelosi met leading governors on Monday to discuss the size and shape of an economic stimulus package that one Democratic aide said was likely to cost around $500 billion.

The aide, who asked not to be identified, said the legislation would include a middle-class tax cut, billions of dollars for road, bridge and mass transit construction, expanded aid to states and investments in renewable energy.

Speaking to reporters earlier, Pelosi said she hoped the job-creating legislation, which she did not detail, would be ready for President-elect Barack Obama to sign when he takes office on January 20.

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“We’d like to have it ready for the president-elect,” Pelosi told reporters before meeting Govs. Ed Rendell, a Pennsylvania Democrat, and Jim Douglas, a Vermont Republican. “I think we will be coming to some agreements today.”

Rendell chairs the National Governors Association and Douglas is the vice chairman. Obama and Vice President-elect Joe Biden will meet U.S. governors in Philadelphia on Tuesday to discuss the economic crisis.

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