Bipartisan negotiators appear to have reached a compromise on cutting just over $100 billion from the Senate economic stimulus bill, but the plan needs to be vetted with rank-and-file Democrats before an official deal can be announced.
Senate Democrats convened a special caucus meeting to discuss the compromise at 5:30 p.m. Friday.
Aides said the rough outlines of the deal would pare the package from nearly $920 billion to $780 billion through a combination of cuts to overall government spending and a reduction in the amount of tax cuts in the measure.
If a deal is reached, Democrats expect at least three Republicans to join them in passing a bill. It was unclear if a vote could be held on either the amendment or the bill as a whole on Friday night, given that some Republicans were expected to request additional debate time.
Theres a sense that progress has been made, Sen. Kent Conrad (D-N.D.) said. Theres enough to talk about with the caucus.
The Senate will begin voting on amendments to the measure around 7 p.m. A vote on final passage could occur after that if Majority Leader Harry Reid (D-Nev.) believes he has the necessary votes.
Were going to have votes later tonight. I apologize for having nothing more definite than that, but at this time thats all I can do, Reid said in a brief floor statement.