Obama team polishing economic stimulus measure

President-elect Barack Obama's transition team is putting the finishing touches on an economic recovery plan that could run from $675 billion to $775 billion.

Briefings for top congressional Democratic officials are likely this weekend or on Monday, a senior transition official said yesterday.

Obama is slated to meet Monday with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid in a Democratic strategy session likely to focus on the economic recovery package.

Democrats had hoped to get the recovery plan set for Obama's signature as close to Inauguration Day as possible, but it is plain that the schedule is slipping.

When Congress convenes next week there will only be two weeks before the inauguration. The earliest the measure could reach the House floor is the week of January 12, said a Pelosi spokesman, and even that is looking doubtful.

Republican leaders have demanded time to scrutinize the measure, a request that seems likely to be granted, at least in part. A separate Obama transition official promised "full transparency" in considering the plan.

The Senate's top Republican, Mitch McConnell, again protested yesterday that his party and the public need time to scrutinise the Obama plan so that "every dollar needs to be spent wisely and not wasted in the rush to get it spent."

Congressional aides briefed on the measure say it's likely to blend tax cuts of $500 to $1,000 for middle-class individuals and couples with about $200 billion to help revenue-starved states with their Medicaid programs and other operating costs.