House reaches stimulus deal

House leaders have reached an agreement in principle on a stimulus package, according to Republican and Democratic aides familiar with the negotiations.

{mosads}House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader John Boehner (R-Ohio) are expected to announce the deal in a 1:30 p.m. joint press conference.

The deal is built around $600 income tax rebates, with $1,200 going to married couples filing jointly. Rebates of $300 will go to those who earned at least $3,000 last year, but did not make enough to pay income taxes. People getting $300 can also get an additional rebate of $300 per child.

The deal does not include extra spending Democrats had hoped to win on food stamps, unemployment insurance or public works projects, which Republicans consider a victory.

It does include a package of business incentives including 50 percent bonus depreciation and increased expensing limits for small businesses.

The package is expected to go to the House floor next week.

Senate Finance Committee Chairman Max Baucus (D-Mont.) told reporters Thursday he had some concerns about rebates in the House stimulus deal, which Baucus said seemed geared toward high-income people. He also expressed reservations at the lack of spending in the reported deal.

The Senate has not signed off on the deal, and in a statement, Baucus said the Senate would want to speak on the package as well. He added that Finance plans to mark up economic stimulus legislation next week.