Democratic And Republican Leaders Reach Stimulus Deal, Stocks Rise

Stocks are turning higher as Senate Majority Leader Harry Reid and other lawmakers hold a news conference announcing an agreement on an economic stimulus bill.

Reid has said the legislation should create 3.5 million jobs. Senate Republican Susan Collins of Maine put the cost at $789 billion. That is less than either of the bills that the House and Senate passed earlier.

The market's move higher comes a day after a steep selloff. Stocks have fluctuated throughout the session, and investors are hoping the stimulus plan will help revive spending.

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  • by Barlow Location: Winterville on Feb 12, 2009 at 04:35 AM
    See how/where money will be spend -
  • by Cactus Location: Strabane on Feb 11, 2009 at 03:52 PM
    I just saw $789 billion borrowed dollars fly out of the US Treasury without any real accounting. If you think congress can control the spending, you should stop drinking that cool-aid. I just hope my grandchildrens grandchildren will be able to afford this "recovery".
  • by Anonymous on Feb 11, 2009 at 03:05 PM
    Barlow, Good point. As long as employers can get away with hiring non-American workers willing to work for less, they will continue doing it.
  • by Barlow Location: Winterville on Feb 11, 2009 at 01:52 PM
    Obama Snake Oil Co, as much as it pains me to agree with you, the illegal alien thing was one of the first things I thought of when I heard these were going to be construction projects. I don't check green cards but their are an awful lot of painters, roofers, etc. that don't speak english these days. If they are legal they should get paid like anybody else, but this would be an opportune time for the govt. to check "taxpayer funded" construction sites.
  • by Obama Snake Oil Co Location: Washington on Feb 11, 2009 at 01:41 PM
    Sorry Barlow, the shovel ready are for the illegal aliens that take those kind of jobs. They would like to thank you for heathcare too. You remember, these were the jobs that Americans wouldn't do so it justified almost 20 million illegals stay here. Well, there families in Mexico and SA appreciate it.
  • by concerned Location: nc on Feb 11, 2009 at 12:51 PM
    They may have reached an agreement on passing the bill....but it was reported on the noon news that NOBODY in Senate or Congress or EVEN MR PREZ. knows where the money is going or how it will be spent. So we're right back where we started.They call this relief....geeeez....give me a break!!!
  • by Barlow Location: Winterville on Feb 11, 2009 at 12:45 PM
    Wow, I can't believe they agreed that fast. Nice job by both sides. "Shovel ready" projects go to the top of the list. If you have the plans and the project and are ready to start construction, you have first shot at the money. Construction workers will benefit first but, there is a lot of money to go around. Lets see if they publish a list of projects so we can see where the money is going. Hopefully, the dispersion of the money (in the right hands) will happen as fast as the agreement

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