SENATORS COLLINS AND NELSON NEGOTIATE BIPARTISAN ECONOMIC STIMULUS AGREEMENT

After days of leading bipartisan negotiations, U.S. Senators Susan Collins and Ben Nelson (D-NE) tonight announced an agreement on an amendment to the Economic Recovery Act currently before the Senate. The Nelson-Collins amendment would reduce the total cost of the package to $780 billion-$110 billion less than the bill that the Senate is currently considering.

"This deal represents a victory for the American people," said Senator Collins. "We came together to tackle the most immediate problem facing the nation. This package cuts $110 billion in unnecessary expenditures. These are not minor adjustments, but major changes. It contains robust spending on infrastructure to create jobs, $87 billion in assistance for states, and assistance to schools, especially for special education and Pell grants. This bill is not perfect, but it represents a bipartisan, effective and targeted approach to the crisis facing our country."

"This bipartisan agreement delivers the help millions of Americans need in this time of economic turmoil," said Senator Nelson. "It fuels two powerful engines: major tax cuts for the middle class, and targeted investments in American infrastructure and job growth. It also pares back $110 billion of spending that didn't belong in the bill. We've trimmed the fat, fried the bacon, and milked the sacred cows. What remains will fund education, an energy Smart Grid, tax credits for homebuyers and other critical infrastructure."

Highlights of the Nelson-Collins agreement include:

• $42 billion in transportation infrastructure investments
• $77 billion in education investments including aid to states, special education and Title I funding
• $6.4 billion for environmental infrastructure including water and sewer infrastructure
• $87 billion in temporary and targeted Medicaid relief to states
• $70 billion for a one year fix for the Alternative Minimum Tax
• $2.9 billion for weatherization programs
• $500 million for firefighters assistance programs

While speaking about the compromise agreement, and the need for a responsible stimulus package, on the Senate floor late Friday, Senator Collins explained that 600,000 jobs were lost in the U.S. last month and the unemployment rate in Maine now stands at 7-percent- the highest level in 16 years.

"These are not just cold statistics. These are not just jobs. These are hard-working American people who need our help, who deserve a stimulus package that is targeted, effective, and bipartisan. This debate is not about Republicans or about Democrats. It's not about our new President winning or losing. It's about helping the American people and surely we ought to be able to come together to advance that goal," said Senator Collins.