By Jay Heflin - 08/10/10 12:57 PM EDT
Speaker Nancy Pelosi (D-Calif.) contends the legislation will save or create 319,000 jobs, which includes teachers, police officers and firefighters.
The bill is paid for and the nonpartisan Congressional Budget Office said it will actually reduce the deficit by about $1.4 billion.
One of the legislation's offsets restrict the use of foreign tax credits by U.S. multinational companies that some Republicans and pro-business groups contend will hurt job growth and slow the economic recovery.
Passage of the legislation is expected, but several Republicans are expected to oppose the bill.