Agreement Announced on Stimulus Bill

WASHINGTON (AP) - Senate Majority Leader Harry Reid has announced agreement on an economic stimulus bill.

At a news conference Wednesday afternoon, Reid said the legislation should create 3.5 million jobs once President Barack Obama signs it into law and it takes effect.

Senate Republican Sen. Susan Collins of Maine put the cost at $789 billion, less than either of the bills that the House and Senate passed earlier.

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