The House of Representatives passed an $819 BILLION stimulus package that’s on its way to the Senate. The vote went basically straight down party lines (with 12 democrats voting against with republicans). There is wide speculation that the cost of the package will increase during Senate negotiations.
ZC examined some of the questionable items in “Stimulus Package = Crap, But Dems Approve!,” but I thought it’d be worthwhile to break down the major components of the plan so we can have a better discussion about the stimulus package.
Currently, the plan contains about $275 billion in tax cuts, and about $525 billion in direct spending and other provisions. Here’s a generic breakdown of the package:
Tax cuts
Payroll-tax holiday: $99 billion
Expanded earned-income tax credit: $25 billion
Tuition tax credit: $10 billion
Business expensing tax breaks: $90 billion
Renewable-energy tax credit: $20 billion
Relief
Expanded unemployment insurance: $42 billion
Health insurance for unemployed: $40 billion
Expanded food stamps: $20 billion
Housing assistance: $11 billion
Supplemental Security Income payments: $4 billion
Welfare: $3 billion
Infrastructure
Highways: $30 billion
School renovation: $20 billion
Health information technology: $17 billion
Transportation projects: $16 billion
Water projects: $8.4 billion
Military and V.A. construction: $7 billion
Accelerated deployment of broadband: $5.6 billion
Help for state and local governments
Medicaid cost sharing: $87 billion
State grants: $79 billion
State and local bond tax credit: $42 billion
Community development: $5 billion
Rural development: $4 billion
Energy efficiency
Federal energy-efficiency projects: $22 billion
Energy-efficiency grants: $18.5 billion
Smart electric grid: $11 billion
Renewable-energy loan guarantees: $8 billion
Human capital
Education programs: $29 billion
Pell grants: $18 billion
Job training: $4.6 billion
Scientific research: $3 billion
Of note, the Congressional Budget Office suggests the bill could create as many as 3.6 million jobs in the next two years, but the low-end estimate is only 1.2 million.
