| Jamie Dupree |
Highlights of the House Stimulus Bill
You can look at the House version of the bill at http://www.rules.house.gov/111/LegText/111_hr1_text.pdf
Here is a general run down of the provisions as put together by the Associated Press.
By The Associated Press
Highlights of the $819 billion economic recovery plan passed by the House. Additional debt costs would add $347 billion over 10 years. Many provisions expire in two years.
SPENDING
Aid to the poor and unemployed -- $43 billion to provide extended unemployment benefits through Dec. 31, increase them by $25 a week and provide job training;
$20 billion to increase food stamp benefits by 13 percent;
$4 billion to provide a one-time additional Supplemental Security Income payment;
$2.5 billion in temporary welfare payments;
$1 billion for home heating subsidies;
and $1 billion for community action agencies.
Health care -- $40 billion to subsidize health care insurance for the unemployed under the COBRA program or provide health care through Medicaid;
$87 billion to help states with Medicaid;
$20 billion to modernize health information technology systems;
$4 billion for preventative care;
$1.5 billion for community health centers;
$420 million to combat avian flu;
$335 million for programs that combat AIDS, sexually transmitted diseases and tuberculosis.
Infrastructure -- $43 billion for transportation projects, including $30 billion for highway and bridge construction and repair and $12 billion for mass transit, including $7.5 billion to buy transit equipment like buses;
$31 billion to build and repair federal buildings and other public infrastructure;
$19 billion in water projects;
$10 billion in rail and mass transit projects.
Education -- $41 billion in grants to local school districts;
$79 billion in state fiscal relief to prevent cuts in state aid;
$21 billion for school modernization;
$16 billion to boost the maximum Pell Grant by $500 to $5,350;
$2 billion for Head Start.
Energy -- $32 billion to fund a so-called "smart electricity grid" to reduce waste;
$6 billion to weatherize modest-income homes.
Science and technology -- $10 billion for science facilities;
$6 billion to bring high-speed Internet access to rural and underserved areas;
$1 billion for the 2010 Census.
Housing -- $13 billion to repair and make more energy-efficient public housing projects, allow communities to buy and repair foreclosed homes, and help the homeless.
Environment -- $3.2 billion to clean up Superfund and waste sites, leaking underground storage tanks, nuclear sites and military bases, as well as $400 million for habitat restoration projects and $850 million to prevent forest fires.
Law enforcement -- $4 billion in grants to state and local law enforcement to hire officers and purchase equipment.
TAXES
Individuals
-- $500 per-worker, $1,000 per-couple tax cut for two years, costing about $145 billion. For the last half of 2009, workers could expect to see about $20 a week less withheld from their paychecks starting in June. Millions of Americans who don't make enough money to pay federal income taxes could file returns next year and receive checks.
-- Greater access to the $1,000 per-child tax credit for the working poor in 2009 and 2010, at a cost of $18.3 billion. Under current law, workers must make at least $8,500 to receive the credit. The change eliminates the floor, meaning more workers who pay no federal income taxes could receive checks.
-- Increase the earned-income tax credit -- which provides money to the working poor -- for families with at least three children, at a cost of $4.7 billion.
--Provide a $2,500 tax credit for college tuition and related expenses for 2009 and 2010, at a cost of $10.3 billion. The credit is phased out for couples making more than $160,000.
-- Repeal a requirement that a $7,500 first-time homebuyer tax credit be paid back over time for homes purchased from Jan. 1 to July 1, unless the home is sold within three years, at a cost of $2.6 billion. The credit is phased out for couples making more than $150,000.
Businesses
-- Extend a provision allowing businesses buying equipment such as computers to speed up the depreciation of that equipment through 2009, at a cost of $5 billion.
-- Provide an infusion of cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two, at a cost of $15 billion.
-- Repeal a Treasury provision that allowed firms that buy money-losing banks to use more of the losses as tax credits to offset the profits of the merged banks for tax purposes. The change would increase taxes on the merged banks by $7 billion over 10 years.
-- Subsidize locally issued bonds for school construction, teacher training, economic development and infrastructure improvements, at a cost of $35.5 billion.
-- Extend tax credits for renewable energy production, at a cost of $13 billion.
-- Extend and increase tax credits to homeowners who make their homes more energy efficient, at a cost of $4.3 billion. Homeowners could receive tax credits of up to $1,500 for upgrading furnaces and hot water heaters and making other improvements through 2010.
What others are saying
- Stimulus BillMore like a Pork Bill. this is a bunch of wish list items that have been on the back burner. There is nothing to help the economy grow! No Jobs where people need them. God Help Us!
- Spending BillToo bad I really worked hard and saved my money all these past 35 years! This bill is a kick in the teeth for me.
- Stimulus billThere is nothing in this bill that will stimulate the economy. Extending Welfare and foodstamps might help the drug dealers but not the economy, what a joke.
- Stimulate non-productivity?How does increasing welfare stimulate the economy and add "well-paying" jobs? This reads like a full year budget for many federal departments. If this passes it just adds to entrenched programs that can't possibly be eliminated in future years. They are taking over everything--we will depend on the feds for everything soon.
- get realStop giving money to wall street, put in jail those that abused their 1st pay out, Eliminate government jobs, reduce congressman, legislators, make all government employees pay into social security and stop lifetime payouts for those that are no longer in office. Do complete background checks and security clearance on all people who want to run for any elected office. If they cant pass - they shouldn't be in office. The job of President should have even more regulations on top of those already stated. He needs to have served in our military at some level for a period of time. After all The President is considered our commander and chief of the military. It would be nice that they know what its like first hand to be on the line, not just hear say. Cut down on term limits, even for Senators and judges. Stop encouraging unemployment with welfare, (some need it, others abuse it. If your on it, make them do work training for job placement. Stop giving medical attention to every illegal person and allowing them to go to our public schools. No wonder so many others don't have the respect for us, as they once did. We give in to everything. Stop allowing non-residents, private or corporate to own land here. They can lease it only. Don't pay out stimulus to a project that doesn't benefit everyone, not just an organization. Don't allow prisoners, or people who've been on welfare for longer than 2 years to vote. If someone has committed a crime they shouldn't have a say so in the direction of this country, if they are contributing to society, but just living off of it, they shouldn't be allowed to vote either. Political donations should have a limit period. No favors, cash only. Once a candidate has used that money, it's gone. No more buying office seats. Create a budget of contributions and spend wisely. Think about it... if you gave anyone a bunch of money and no rules to follow, they would become a recluse, self centered and dependent on others and do anything for more money they didn't have to work for or earn. That's exactly what our politicians are doing... at our expense. We the people... a government by the people and for the people. We can't allow that. A Black man as the President. A huge responsibility for anyone and for him to make history as the 1st black man. Great. All eyes are on him to protect us, the people of America, from enemies foreign and domestic, born and unborn, those that can speak as well as those that can't. Hopefully for everyone that voted for him, they did because they felt he was up to the challenge, not because of his color. He is not a savior, he is a man, like everyone else has faults.
- what the @#$%!If I'm reading this right there is a tax credit for the working poor that still gives them a refund check but they do not pay any federal income tax. What are we doing!
- Great summaryI have spent 3 hours looking at the bill and still could not put together a summary like yours. thanks
- Comparative Effectiveness ResearchI read the passage below in an article by George Will -
The stimulus legislation would create a council for Comparative Effectiveness Research. This is about medicine but not about healing the economy. The CER would identify (this is language from the draft report on the legislation) medical "items, procedures, and interventions" that it deems insufficiently effective or excessively expensive. They "will no longer be prescribed" by federal health programs. The next secretary of health and human services, Tom Daschle, has advocated a "Federal Health Board" similar to the CER, whose recommendations "would have teeth": Congress could restrict the tax exclusion for private health insurance to "insurance that complies with the Board's recommendation." The CER, which would dramatically advance government control -- and rationing -- of health care, should be thoroughly debated, not stealthily created in the name of "stimulus."
http://www.realclearpolitics.com/articles/2009/01/the_responsibilities_of_the_op.html
I'm surprised this hasnât received more attention. - SeriouslyCan someone tell me how this stuff is going to stimulate our economy>>>
- Stimulus Bill A Mess of New Debt That Won't WorkAccording to the BIPARTISAN Congressional Budget Office estimates, a mere $26 billion of the Houseâs current stimulus bill's $355 billion in new spending would actually be spent in the current fiscal year, and just $110 billion would be spent by the end of 2010. This should be highly embarrassing to elected officials given that Congress's justification for passing this bill so urgently is to help the economy right now. Why do we have to get something like this done right now that wonât help the economy any time soon? Answer â to get the money to specific interest groups before the entire public understands what is going on!
No one should believe the updated CBO analysis due out this week (26JAN) as a result of intensive pressure from tax-&-tax, spend-&-spend, elect-&-elect politicians. In fact, it was government and Greenspanâs Federal Reserve(FED) that caused the housing bubble/credit crisis and pulled this economy down, so why should we trust government to fix it now?
Letâs get some other facts correct. Government doesnât create wealth or new jobs that are lasting and/or pay for themselves.
We need permanent tax cuts effective now to get this economy recovering now. Make the 2001 and 2003 tax cuts permanent and raise the 10% marginal tax rate to the first $40,000 in income. Business taxes, which are now the second highest in the world, need to be cut at least to match the levels that socialist European countries now impose on their businesses just to keep us competitive. This will have immediate effect because now people and businesses know what is going to happen and can plan and move out on these plans.
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