US congressional leaders reached agreement on a compromise $789bn stimulus deal on Wednesday as Treasury secretary Tim Geithner hit back at criticism that his separate US financial rescue plan lacks specifics. The stimulus package, likely to be signed into law by President Barack Obama by his target date of Monday, is smaller than both versions individually passed by the House and Senate. Tax cuts and health and education spending have been trimmed to keep the total below $800bn, a limit insisted on by moderate Republicans and Democrats in the Senate.

This entry was posted by Gwen Robinson on Thursday, February 12th, 2009 at 5:02 and is filed under Capital markets, People. Edit this entry.