WASHINGTON - Rep. Tim Walz said Thursday he will support the compromise economic stimulus bill that was approved by House and Senate conferees on Wednesday.

"What we're doing is addressing an economy that is as difficult as any that most of us have seen in our lifetime. The numbers are staggering, the outlook is pretty bleak in the short run," said Walz. "This piece of legislation is meant to be the life preserver to put us in the right direction, and setting a framework of infrastructure development, targeted tax cuts to the middle and of course research into alternative energies, and funding of education."

Walz said he is pleased that the Obama White House is setting up a web site, recovery.gov, that will post and track what is being done with the money.

Walz said he was disappointed with some aspects of the bill, which was trimmed down from $819 billion in the House version to $790 billion.

He is disappointed that the tax breaks and credits contained in the bill have been cut back, however. Instead of a $500 tax cut per person, $1,000 per couple, the cut was set at $400 per individual and $800 per couple.

"That's way out of touch with the average taxpayer," said Walz. He is also disappointed that the tax credit for home buyers was cut.

Walz said he was proud to have marshaled a group of House members together to oppose the Senate's attempt to strip education and infrastructure out of the bill. "The key to the future is education," he said.

Walz expressed impatience with critics of the bill who wanted to take more time to put their own projects and ideas into the bill.

"Timeliness is important," said Walz. "We don't have time to wait longer. As we dawdle, people are losing their jobs and their livelihood."

President Barack Obama had sought an $800 billion stimulus bill, saying that was how much was needed to provide the needed stimulus to the economy, according to his consultations with economic experts.

Asked if the $790 billion package was big enough, Walz said he hoped it was.

"There is real need out there, and we want to get this right. I'm a little uneasy about that. We don't want to pull a car only half way out of the ditch."

Asked about the bill's trimming away $35 million in state stabilization funds, leaving $54 billion, at a time when Minnesota is anticipating a budget deficit of $6 billion to $7 billion, Walz said that was one of his biggest disappointments.

"As far as job creation and stabilization goes, that was one of the most important parts of the bill," said Walz. "If there is an Achilles' heel to this bill, that is it."

The larger amount of stabilization aid, which would help states make up deficits and fund infrastructure and building projects, was based on what the governors had told Congress.

But Walz said Congress will have other opportunities to help states, through the upcoming transportation funding bill and other legislation that Congress usually handles.