WASHINGTON (CBS) - Leading lawmakers made a visit to the White House Friday, January 23 as President Barack Obama tried to help them find common ground on his multi-billion dollar economic stimulus plan.
(AP) - The chairman of the Senate Finance Committee has released details of an economic stimulus plan. Under the Senate proposal, senior citizens receiving Social Security would get a bonus payment of $300. There's also a temporary two-year $500 tax cut for most workers and $1,000 for couples. The plan also includes a $2,500 tax credit to help pay for college. There are tax cuts for businesses and to promote renewable energy. And there's $87 billion worth of help to states struggling with their budgets for the Medicaid health care program for the poor and disabled.
All sides do seem to agree that it's time to act, but republicans aren't happy with the way the current plan is shaping up.
President Barack Obama hopes Friday's high-level meeting will get Republicans to sign on to his $825 billion economic stimulus plan.
Lawmakers in both parties agree that they have to do something to pull the country out of the recession. But GOP leaders want the focus on more tax cuts.
They think the current proposal spends too much -- too late.
Minority Leader John Boehner said, "At the end of the day, government can't solve this problem. The American people have to solve it, and the way they can solve it is if we allow them to keep more of the money that they earn."
Republicans also argue that the Democrats' plan doesn't do enough to create new jobs.
Republican leaders will return to the White House next week to present their ideas directly to Mr. Obama. By that time, the stimulus plan could already be up for its first vote.
Congressional Committees have already approved parts of the plan -- like $275 billion in tax cuts, a proposal to expand broadband technology, and new programs designed to promote energy efficiency.
The tax cuts and spending proposals total $355 billion under the plan released by Finance Committee Chairman Max Baucus. It comes in anticipation of a panel vote on Tuesday. The proposals will be paired with $400 billion in further spending proposed by the Appropriations Committee on the Senate floor.
Democrats want to have the bill on the President's desk by the middle of next month. The focus of the President's day will be on the nation's economic troubles. He has a series of meetings planned including one with his still unconfirmed pick to head the Treasury Department.
