Associated Press - January 24, 2008 10:43 AM ET
WASHINGTON (AP) - A tentative deal has been reached between Democratic and Republican congressional leaders for a plan involving tax rebates and business tax cuts to boost the slumping economy.
Congressional officials close to the negotiations say House Speaker Nancy Pelosi and House Minority Leader John Boehner (BAY'-nur) reached an agreement in principle in a telephone call this morning.
Yesterday, Pelosi agreed to drop increases in food stamp and unemployment benefits in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck.
A senior House aide says families with children would receive an additional $300 per child. That would be subject to an overall cap of perhaps $1,200.
Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.
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