House Dems Debut $825B Stimulus Bill

House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as Congress attempts to pass the legislation by mid-February.

“This package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs,” an accompanying memo reads, “jumpstart our economy, and begin the process of transforming it for the 21st century.” The preliminary stab at a solution is weighted about 60-40 in favor of spending and includes $90 billion for infrastructure and more than $100 billion to aid the poor and jobless. (More Congress stories.)