(Update) House and Senate Have a Done Deal? $789 Billion Stimulus

Update: Deal or no deal? The Senate says yes; the House says maybe.

We don't yet have the details, but the negotiations over an economic stimulus bill are done, a deal is in place, and passage in the House and Senate seems assured.

House and Senate negotiators reached agreement today on a stimulus plan with a cost of about $789 billion after scaling down the versions passed by both houses, congressional leaders announced.

"The differences between the Senate and House versions were resolved," Senate Majority Leader Harry M. Reid (D-Nev.) told reporters this afternoon.

He said the final version "creates more jobs than the original Senate bill and spends less than the original House bill." The bill passed by the Senate yesterday totaled $838 billion. The House version approved last week had a price tag of $819 billion.

The AP added, "The measure includes money for victims of the recession, money for cash-strapped states and tax cuts for individuals and businesses."

In terms of the politics, I think Ben Smith's analysis sounds about right: