Congress, Bush Push Stimulus Plan

Smelling recession, two parties step up effort for economic relief package
By Jane Yager,  Newser Staff
Posted Jan 12, 2008 8:55 AM CST
House Speaker Nancy Pelosi of Calif. and Senate Majority Leader Harry Reid of Nev. prepare to sit down on Capitol Hill in Washington, Tuesday, Dec. 18, 2007, where the Speaker signed the Energy Independence...   (Associated Press)
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(Newser) – With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about  $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We want to work with you"; Bush looks poised to accept the overture.

Democrats are pushing for a package that's "temporary, timely, and targeted" to low- and middle-income Americans; Republicans will likely seek tax cuts for both individuals and corporations. Dems will want to block GOP efforts to make Bush's tax cuts permanent or repeal the estate tax; Republicans will want to forestall a spending spree.