Jan.29, 2009
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.
Written by scruffd0g
http://www.zombiechatter.com/2009/01/29/breakdown-of-house-stimulus-package/