Senate Passes Economic Stimulus Bill

The Senate passed its version of the economic stimulus bill today. However, it is far from a done deal. Now the Senate version needs to be reconciled with the House version of the economic stimulus bill. Mortgage News Daily reports on the differences between the two versions:

While both the Senate and House versions of the bill are similar in size, key differences remain in the size of the tax cuts and spending portions of the bill.

The House version also includes a $56 billion provision for local government spending on education, while the Senate bill includes $11.5 billion in auto purchase incentives, and $35.5 billion to spur home buying.

It appears that the economic stimulus bill has a way to go: Unlike in the House, though, three Senate Republicans crossed the aisle to get the provision passed.