Yesterday, House and Senate conferees appeared to have reached an agreement on a $789 billion fiscal stimulus bill known as the “American Recovery and Reinvestment Act” (ARRA), however, the House Committee on Appropriations today indicated that "[a] scheduled House-Senate conference committee meeting on the stimulus bill was cancelled by House Democrat leaders this afternoon" due to several outstanding provisions in the bill that have yet to be negotiated. The final bill which is expected to be voted on by the House and Senate before the end of this week is significantly trimmed down from the $838 version that the Senate passed on Tuesday, and the $819 billion version passed by the House late last month. Late yesterday, a Conference Report was circulated by the office of the Speaker of the House Pelosi (D-California) providing a preliminary overview of the compromise bill which, if passed, will “create and save 3.5 million jobs,” provide immediate tax cuts to approximately 95% of American workers, and structure long term investments in infrastructure, education, science and research and health intended to stimulate economic growth, but given the on-going negotiations, Speaker Pelosi has not yet released a final Conference Report.
Congressional leaders are still aiming to have the final legislation to President Obama by President’s Day. It is not clear whether the sweeping restrictive executive compensation provisions proposed in the Senate’s versions of the bill are in the current draft of the compromise legislation.