RENEE MONTAGNE, host:
In this week of turmoil in stock markets around the world, congressional leaders and the White House have reached a tentative deal on a stimulus package for the U.S. economy.
It comes as many fear the U.S. is headed toward a recession, and it includes tax rebates for individuals and families as well as tax cuts for businesses.
NPR's Brian Naylor joins us now from the Capitol to tell us where the agreement stands.
Good morning.
BRIAN NAYLOR: Good morning, Renee.
MONTAGNE: Give us the highlights of this stimulus plan.
NAYLOR: Well, first, let me just say that this is all very tentative. It's still being shopped around to lawmakers. But what the sides seem to have agreed on is a package of business and individual tax incentives. For individuals, what they're talking about right now is checks - rebate checks of up to $600 for individuals, $1,200 for couples. Plus there's a child bonus. If you have a kid, you get another $300 or so. And there is a limit on this. If you make up to $75,000 a year, you'll get the checks. Above that you won't. $150,000 for couples. At least that's what's being talked about right now.
MONTAGNE: Now, this agreement came after days of negotiating between House leaders and the White House. And at one point Democrats and Republicans seemed pretty far apart.
NAYLOR: Well, you know, it's actually interesting because these talks have been going on really seriously only for the last day or so, I'm told, and that they came to agreement on these terms pretty much in the course of three meetings yesterday.
So while there are ideological differences, I think both sides agree that there is a need to get something done, to show that Congress is concerned about this economy and takes the idea of the stimulus seriously.
MONTAGNE: And did the Democrats, Republicans, did either one of those sides have to sacrifice a lot to get this plan?
NAYLOR: Well, you know, that's what's being talked about now. I think there are some Democrats who feel they may have given up too much because there - there originally was talk about extending unemployment benefits, about making food stamps eligibility, broadening food stamp eligibility. Those parts of the package are out now. In exchange, Democrats got a rebate for virtually everyone who works. Republicans gave up the idea that they wanted to keep these - they wanted to make these rebates larger and keep them more focused on the middle class, whereas as opposed to giving them to people who don't pay income taxes.
So I think the Republicans gave up the high end and the Democrats may have given up a little bit something on the low end, although they do argue that more people will be getting these rebates now than had originally been proposed.
MONTAGNE: And of course the point of such a plan is to stimulate the economy, which means speed.
NAYLOR: Right.
MONTAGNE: The plan still has to get through Congress. How do you see that playing out?
NAYLOR: Well, that's going to be interesting too. I mean, I think that you're seeing a bipartisan agreement in the House. Pretty much everybody agrees that they've got to do something. And if the Speaker and the Republican minority leader agree on something, they'll probably be able to push it through the House.
The Senate, though, wants to have its own say. The chairman of the Senate Finance Committee said today that he wants to have hearings next week. And so they're going to want to tinker with this as well. Everyone, though, wants to get something done ASAP. And so I think that this is still on the fast track. They're still talking about getting it done by the middle of next month or so.
MONTAGNE: Well, a moment of bipartisanship.
NPR's Brian Naylor at the Capitol, thank you.
NAYLOR: Thank you, Renee.
MONTAGNE: And he's reporting on an economic stimulus plan agreed today by Congress and the White House.