Senate and House leaders have agreed on a $789 billion economic stimulus package aimed to save or create 3.6 million jobs. The bill will fund construction and infrastructure projects, provide tax relief to individuals and businesses, and extend unemployment benefits. It is the nation’s largest economic rescue program since Franklin Roosevelt launched the New Deal. Senate Majority Leader Harry Reid announced the deal on Wednesday.

Sen. Harry Reid: “The bills were really quite similar, and I’m pleased to announce that we’ve been able to bridge those differences. Like any negotiation, this involved give and take, and if you don’t mind my saying so, that’s an understatement.”

The final size of the package is less than what both the House and Senate originally passed and far smaller than what many economists say is needed. The final bill includes $507 billion in spending programs and $282 billion in tax relief. A deal was struck on Wednesday after several spending provisions were stripped from earlier versions of the bill. The final bill eliminated a $16 billion line item for school construction, $30 billion in aid to state governments to prevent reductions in social services to the poor and out of work. Lawmakers also removed $50 billion for loan guarantees for construction of new nuclear reactors and so-called “clean coal” plants. In addition, Congress stripped whistleblower protections for federal employees from the compromise stimulus bill.