Vote Expected Soon on $150 Billion Economic Package
In a pact early Thursday morning, congressional negotiators gave final approval to an economic plan worth more than $150 billion that would extend a payroll tax holiday and unemployment benefits.
A key roadblock was overcome when the lawmakers agreed to require new federal workers to contribute more to their pension plans, clearing the way around 12:30 a.m. for a majority of the House-Senate conference committee to begin signing the deal. The pension provision represented a concession to key Maryland Democrats who, even after prodding from President Obama, did not grant their support until current federal workers were shielded from the new pension plan, aides in both parties said.
A vote could come as early as Friday, the last act in a five-month battle over Obama’s proposed jobs plan.
“This is good for the country, it’s very good for the country. We have an agreement,” Sen. Max Baucus (D-Mont.) said at a hastily arranged post-midnight press conference in a Capitol hallway. Baucus was joined by Rep. Dave Camp (Mich.), the lead GOP negotiator.