WASHINGTON — A bipartisan group of senators reached a tentative compromise agreement on a $780 billion economic stimulus package on Friday night after making major cuts totaling $110 billion in several spending programs.
The deal emerged amid more bleak economic news revealing the worst job loss in 34 years and intense lobbying by President Obama, who has made the initiative a cornerstone of his agenda.
Senate Majority Leader Harry Reid said the Senate was likely to continue work on the bill over the weekend.
The new stimulus proposal includes $45.5 billion in funding for infrastructure projects to fix the nation's aging highways, roads and bridges, tax cuts for lower-and-middle class families and tax incentives for businesses,$87 billion for a temporary increase in the Medicaid matching rate, $6 billion for special education programs and $14 billion for Pell grants to help low-income college students.
If the Senate passes the bill, it will head to conference negotiations where lawmakers must reconcile differences with a $819 billion House bill that passed last week.
The $780 billion compromise is significantly smaller than the measure that senators debated during the day, which had ballooned to approximately $940 billion. It capped a tense week of debate and negotiations in which Republicans refused to budge in their opposition to the bill, arguing it was laden with too many pet projects and contained spending that was not stimulative.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion