Jan 30, 2009
Federal Stimulus Bill
The House Appropriations and Ways and Means committees released an $825 billion stimulus plan entitled the American Recovery and Reinvestment Act. On January 28, the House passed a stimulus package of $819 billion, forwarded to the Senate.
This is one of the largest new funding of programs in history. There is near unanimous support for a major stimulus proposal, although substantial disagreement on the types of programs.
Unemployment is at its highest level since 1982 and expected to rise.
The Bill allocates $550 billion for programs and $275 billion for changes in the tax code. Inncluded are $30 billion for highways and bridges, $12 billion for transit, $3.5 billion for new Energy Efficiency Grants, $4 billion for neighborhood stabilization, $1 billion for Community Development Block Grants, $8 billion for water infrastructure, $100 million for brownfields, and $1 billion for Amtrak and intercity passenger rail.
The bill also aims to make major investments in energy and schools with $14 billion for school repair and modernization.