The Stimulus Will Begin
February 12, 2009
Is it possible that the President will be signing the 2009 stimulus plan on Abraham Lincoln's Birthday? The conference committee has supposedly worked out the differences between the House and Senate plans and that both houses will be voting today. Perhaps they have already as there is the 3 hour time differential between Washington and California. I feel certain that President Obama will sign the bill as soon as it reaches his desk.
Based on newspaper reports, here are some of the provisions:
About two thirds spending initiatives and a little over one third tax cuts.
There will be contributions to the states.
There should be aid to Medicaid and to education.
$40 billion to provide extended unemployment benefits through December 31, 2009
$20 billion to increase food stamp benefits
$14 billion to give a one time $250 payment to Social Security recipients, poor people on Supplemental Security Income, and veterans receiving disability and pensions.
$46 billion for transportation projects.
$21 billion to provide a 60% subsidy of health care insurance premiums for the unemployed under the COBRA program.
$87 billion to help states with Medicaid.
$19 billion to modernize health information technology systems.
$10 billion for health research and construction of National Institute of Health facilities.
And the list goes on.
$2.8 billion for Homeland Security.
$4 billion for state and local law enforcement officers.
$54 billion in state fiscal relief to prevent cuts in state aid to schools.
About $70 billion to spare about 24 million taxpayers from being hit with the alternative minimum tax.
$13 billion to provide a $2500 tax credit for college tuition and related expenses in 2009 to 2010.
$3.7 billion to change the requirement that the $8000 first time home buyer tax credit be paid back.
$2.5 billion to make sales tax paid on new car purchases deductible.
I have not totaled this up and I am positive there are many more allocations in the bill since the total cost is quoted at $790 billion.
We shall watch with interest how all of this stimulus effects the housing market.
Is it possible that the President will be signing the 2009 stimulus plan on Abraham Lincoln's Birthday? The conference committee has supposedly worked out the differences between the House and Senate plans and that both houses will be voting today. Perhaps they have already as there is the 3 hour time differential between Washington and California. I feel certain that President Obama will sign the bill as soon as it reaches his desk.
Based on newspaper reports, here are some of the provisions:
About two thirds spending initiatives and a little over one third tax cuts.
There will be contributions to the states.
There should be aid to Medicaid and to education.
$40 billion to provide extended unemployment benefits through December 31, 2009
$20 billion to increase food stamp benefits
$14 billion to give a one time $250 payment to Social Security recipients, poor people on Supplemental Security Income, and veterans receiving disability and pensions.
$46 billion for transportation projects.
$21 billion to provide a 60% subsidy of health care insurance premiums for the unemployed under the COBRA program.
$87 billion to help states with Medicaid.
$19 billion to modernize health information technology systems.
$10 billion for health research and construction of National Institute of Health facilities.
And the list goes on.
$2.8 billion for Homeland Security.
$4 billion for state and local law enforcement officers.
$54 billion in state fiscal relief to prevent cuts in state aid to schools.
About $70 billion to spare about 24 million taxpayers from being hit with the alternative minimum tax.
$13 billion to provide a $2500 tax credit for college tuition and related expenses in 2009 to 2010.
$3.7 billion to change the requirement that the $8000 first time home buyer tax credit be paid back.
$2.5 billion to make sales tax paid on new car purchases deductible.
I have not totaled this up and I am positive there are many more allocations in the bill since the total cost is quoted at $790 billion.
We shall watch with interest how all of this stimulus effects the housing market.
posted by shirley harry at 9:27 AM
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