By Jay Heflin - 08/10/10 08:14 PM EDT
"Before you probably get home this [bill] will become the law of the land," said Speaker Nancy Pelosi (D-Calif.).
The legislation funnels $10 billion to state education programs and gives $16 billion to extend federal Medicaid reimbursements to states.
Pelosi said the legislation will save or create 319,000 jobs, which includes positions for teachers, police officers and firefighters.
The bill is fully 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, which several Republicans during debate on the bill argued will hurt job growth and slow the economic recovery.