Today it was announced that House Democrats, working closely with President-elect Barack Obama, have proposed an $825 billion stimulus bill to revive the waning economy. The legislation calls for tax cuts of $275 billion over the next two years and federal spending of approximately $550 billion with strong emphasis on energy, education, health care and highway construction.

“Immediate job creation and continuing job creation” are the two main goals, Speaker Nancy Pelosi, D-Calif., said at a news conference. The number of those jobless has risen sharply in recent months, and Obama has warned the jobless rate could reach double digits unless aggressive action is taken to re-energize the economy.

The $825 billion stimulus bill is one of two key elements in Obama’s plan to revive the economy. The President-elect has also asked lawmakers not to stand in the way of the use of another $350 billion in financial bailout money.

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