Highlights of the economic stimulus plan

[J.R.E.]

http://www.baynews9.com/content/9/2009/1/28/431169.html

Highlights of economic stimulus plan
Wednesday, January 28, 2009
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By The Associated Press
(AP) -- Highlights of the $819 billion economic recovery plan drafted by House Democrats and President Barack Obama's economic team. 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. 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.

(This version CORRECTS to president, instead of president-elect.)



Copyright 2009 Associated Press. All right reserved. This material may not be published, broadcast, rewritten, or redistributed

[BT65]

Thanks for posting this, Ray.  I had read about the bill passing the House, but didn't know the details.

[Winiroo]

$420 million to combat avian flu; $335 million for programs that combat AIDS, sexually transmitted diseases and tuberculosis.

I was not aware avian flu was a big problem. Honestly I dont know anything about it. Guess I should read up on it.

Thanks for the info.

[leatherman]

I was not aware avian flu was a big problem. Honestly I dont know anything about it. Guess I should read up on it.

I wasn't either, so I went looking. I found a chart from WHO that shows that in 15 (mainly Asian countries) there have been 403 reported cased and 254 deaths from 2003-2009.

edited to add the refer link that I forgot to put in. oops

Not to dimish those deaths, but that spending plan spends $85 million more on an illness that has yet to be reported in America, and whose numbers are already on the decline; than on an illness that has already affected many more thousands than 403 people over nearly 3 decades of life in America.

but I'll take my stimulus check  it's freaking cold and really snowy in Ohio this winter. I'm already "stimulating the economy" now and will need that money later to pay for the heating bill I'm racking up. LOL

[denb45]

I wasn't either, so I went looking. I found a chart from WHO that shows that in 15 (mainly Asian countries) there have been 403 reported cased and 254 deaths from 2003-2009.

edited to add the refer link that I forgot to put in. oops

Not to dimish those deaths, but that spending plan spends $85 million more on an illness that has yet to be reported in America, and whose numbers are already on the decline; than on an illness that has already affected many more thousands than 403 people over nearly 3 decades of life in America.

but I'll take my stimulus check  it's freaking cold and really snowy in Ohio this winter. I'm already "stimulating the economy" now and will need that money later to pay for the heating bill I'm racking up. LOL

humm..... mikie stay warm you and your doggies, you can try and keep the thermostat on 68, we do that and it help a lot,(we don't qualifiy for heating assistance, we make too much living together) our bill went down by doing this, so, we just wear more clothing, like socks, and thermals ,seems to help keep us warm, were lucky tho and live in the high desert, and spring is right around the corner here in New Mexico, but for now it's still cold out 

[Basquo]

but I'll take my stimulus check  i

We get a stimulus check?  I didn't catch that part.

[leatherman]

humm..... mikie stay warm you and your doggies

I come from North Carolina, so even though I've been in Ohio 23 yrs, I start wearing thermals, sweaters, and double socks in November when it starts dipping below 50. I remember as kids, if me and my brothers could open the front door, and "blow smoke" it was cold enough for the heavy winter jackets.

Actually since I'm on SSd, my heat and electric are both on a Percentage-of-Income-Payment plan. Although I only pay a set percentage, all the "extra" accrues onto a bill in my name that is due immediately upon default of the agreed upon percentage payment. Thankfully, my back gas bill was erased under Bill Clinton (I had a 26-wk unemployment extention too back then). What it means is that I can have heat, paying an affordable amount as long as I stay on the plan by making the payments and staying poor enough to be eligible for this program.

LOL Dude, I could put on even more extra clothing (although that really inhibits my exhibitionist nature ) but I'm still going to have to run the gas heat some - there's 14 inches of snow and ice covering the town (I hear that even the main roads haven't been plowed yet) and it's only 5 degrees. BRRR. But it's really all okay. It's a "three dog night" and that's just how many I have now. 

We get a stimulus check?  I didn't catch that part.

oops. I thought it had been mentioned in discussions leading up to this plan, but, you're right, I don't see that. Unless.....

$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;

.....unless I am eligible for this SS payment.  It'd be nice to have my food stamps upped some too. After Jim passed away in May, and I had to get a roommate and move to another home, making my housing costs go up, my FS benefits have actually been cut twice. Of course, I've been trying to get my case worker to figure out what's gone wrong; but working with state agencies always takes time... and patience, lots of patience.

[denb45]

LOL Dude, I could put on even more extra clothing (although that really inhibits my exhibitionist nature ) but I'm still going to have to run the gas heat some - there's 14 inches of snow and ice covering the town (I hear that even the main roads haven't been plowed yet) and it's only 5 degrees. BRRR. But it's really all okay. It's a "three dog night" and that's just how many I have now. 
oops. I thought it had been mentioned in discussions leading up to this plan, but, you're right, I don't see that. Unless.....
..

Yeah My Partner Bob walks around naked all the time, and walks by me and says "see anything you like, let me know" I think he does it on purpose, he such an exhibitionist at times, but after 16 yrs. I'm very used to it (love a man who walks around the house naked) always ready and willing  Mikie thanks for sharing that little bit about yourself, it makes you much more human, than just posting on this forum
it really made my evening 

[randym431]

I don’t mean this personally. And I’m sure many, if not most deserve it.
But these two items,
*Greater access to the $1,000 per-child tax credit for the working poor.
*Increase the earned-income tax credit .
kinda claw at me as a tax payer.

The reason I say this is my niece from hell has three brat kids.
Her hubby is on drugs. The kids run around in miss matched shoes.
Kids clothes are always filthy.

Half my family will have nothing to do with them. It has caused a huge riff in our usually close nit family.
My parents have actually went bankrupt in helping them with handouts. Also went into foreclosure in 2006 because my dad had co-signed for everything from furniture to cars to vacations for them, skipping their own house payments.
Never have seen my niece pay even one payment on her bills.
They just let my 70+ year old folks get stuck with the bills and law suits. Yes... Its really really bad.

And you can not talk any sense into my parents. They are totally devoted to my niece.
And are totally taken advantage of over and over.

The way my niece cleans house is to toss dirty cloths in the corner, in many many piles, with stacks up to the ceiling, and just buy new clothes rather than learn to use the washing machine.
My parents to the rescue $$$. New washing machine via my parents. Machine broken and trashed 4 months later.

Niece's hubby works just long enough to earn drug money. Disappears for days with other chicks, then returns home to do it all again.

Anyway, they have three kids and just got back $9000 on their taxes.
They got back the same last year. Spent it ALL on Nintendo and new video games,
a huge gas hog monster truck that had no insurance and was totaled within 3 months, and $$$ on drugs.
Nothing in repayment or thanks to my parents. Nothing! Not one cent.

Once, when the police came to the house, they were shocked at the condition the kids lived in. The stove was covered with burnt and dried food. Junk and trash piled everywhere. I mean everywhere. You'd have to see it to believe it.
The cops alerted child services.
When child services came over two days later, my niece claimed her drug hubby had “just” broken into and trashed the house. A total lie, but she's good at that. Very good. Child services believed her.

So my niece gets back $9000 in tax refunds for popping out kids.
None of the money goes for the kids.
They spend it all like they are still 15 years old. Big cars/trucks, toys and drugs.

And me? I usually get maybe $25 back from fed on my taxes.
So yes... it pisses me off big time.
We have five dogs we raise. And treat better then most treat their own kids.
Where is my tax break??? Why should I pay for theirs???
//end vent
(god I feel better now. I needed that.)

[BT65]

Randy, I hear you and understand your frustration.  But, your parents are choosing to do this and are responsible as well for your niece's situation, since they're really enabling her.  I'm not trying to pick a fight, please.  But, if you think about it, when someone keeps rewarding someone else for their bad behavior, it is enabling.  I would encourage your parents to stop doing that; explain to them how desperately poor the condition of the children are and that handing money over to your niece is not going to help the poor, defenseless kids. 

There are thousands of single mums who do a damn good job with their children who need some extra help.  Assuming all these mothers are on welfare is wrong; welfare barely helps those on disability anymore.  You shouldn't begrudge all the working single mothers because of your niece.

[GSOgymrat]

Someone has to raise the children and I would pay $1000 a year for that someone not to be me. I have no problem with paying taxes for schools and tax credits for children. Parents deserve the breaks they get, even parents who don't know how to parent.

BTW I just love how my tax software points out to me

This is how much in taxes the average person in your tax bracket is paying:
|-------------------------                                |

and this is how much you are paying.
|---------------------------------------------------|

[ademas]

BTW I just love how my tax software points out to me

This is how much in taxes the average person in your tax bracket is paying:
|-------------------------                                |

and this is how much you are paying.
|---------------------------------------------------|

All those taxes for just a fraction of the civil liberties!  You lucky dawg!

[Queen Tokelove]

Honestly, I just hope it works and things get better. Getting the SSI thing would just be an added bonus. With the way things are now, we could all use a break in some form I am sure.