KKTV - Economy - Headlines

GOP Seeking More Mortgage Relief And Bigger Tax Cuts

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The White House says President Barack Obama and Democratic congressional leaders are on the same page about the urgent need to pass economic stimulus legislation.

According to a statement released late Monday, the president and key Democrats are also in agreement about seeking a bipartisan consensus.

The Senate has taken up its version of the legislation. That package now totals about $885 billion.

Senate Republicans are pushing a plan they say will drive down the cost of mortgages and make them more available. Their proposal would give banks an incentive to make loans at rates currently estimated at 4 percent to 4.5 percent.

The president says he's confident agreement can soon be reached on a package. But critics say the current proposal is loaded with too much non-stimulus spending.


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