January 5, 2009 6:22 PM
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Obama Meets With Congress About Recovery Package
President-elect Barack Obama made some headway with Congressional Republicans today after a bipartisan leadership meeting to discuss a massive economic recovery package.
Republican Leader Mitch McConnell specifically praised Obama's plan to devote $300 billion of the package to tax cuts for individuals and businesses. McConnell said there would likely be "widespread Republican enthusiasm for a having a significant portion of the package on tax relief."
Republicans, however, still have objections to the package. House Minority Leader John Boehner raised concerns about the overall size of the bill, currently estimated at $675-$775 Billion. McConnell expressed his preference to loan money to states instead of giving it out. Boehner does believe that a package can pass Congress in the next six weeks.
Speaker Nancy Pelosi said she would not say how soon Congress would act, but she said it will be soon. Pelosi said Congress will be moved by "the sense of urgency that the American people have about their economic well-being."
Republican Leader Mitch McConnell specifically praised Obama's plan to devote $300 billion of the package to tax cuts for individuals and businesses. McConnell said there would likely be "widespread Republican enthusiasm for a having a significant portion of the package on tax relief."
Republicans, however, still have objections to the package. House Minority Leader John Boehner raised concerns about the overall size of the bill, currently estimated at $675-$775 Billion. McConnell expressed his preference to loan money to states instead of giving it out. Boehner does believe that a package can pass Congress in the next six weeks.
Speaker Nancy Pelosi said she would not say how soon Congress would act, but she said it will be soon. Pelosi said Congress will be moved by "the sense of urgency that the American people have about their economic well-being."
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Jill Jackson Jill Jackson is a CBS News senior political producer.
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