Written by: Kim Sawyer

President Obama claimed a major victory less than a month after being in office. His battle to get his stimulus bill was won today, but was it really a victory? Although the bill passed, a $787 billion bill to be exact, not one of the House Republicans voted for it. In fact, there was a little drama from House Republican leader John Boehner of Ohio, who dumped a copy of the 1,071-page bill to the floor in a gesture of contempt and stated, “The bill that was about jobs, jobs, jobs has turned into a bill that’s about spending, spending, spending.”  But, isn’t that the purpose of a stimulus bill – to get people to spend, spend, spend? And what’s that old adage, you have to spend money to make money.  Anyway, here’s the breakdown of the stimulus bill and how it will (maybe) impact you personally:

• High-speed and inner-city rail: Went from $300 million in House bill to $2.25 billion in Senate to $8 billion in final version. There also is a $6.9 billion provision for public transit.

• Amtrak: Picked up $500 million from both House and Senate versions to total $1.3 billion. The bill stipulates that no more than 60 percent can go to the Northeast Corridor.

• National Institutes of Health: Ends up with $10 billion in the final bill. The House proposed $3.5 billion and the Senate wanted $10 billion — $8.2 billion goes to the NIH director for his discretion.

• Government oversight: Board to oversee stimulus bill spending will get $84 million to do the job. House bill allocated $14 million while the Senate bill called for $7 million. There is also more than $100 million more for various inspectors general in different agencies.

• NASA: Banked just more than $2 billion, including $400,000 for science/global-warming research.

• Veterans: Nearly all items for Veterans Affairs were reduced and the $2 billion the Senate wanted for VA construction was wiped out altogether. The VA did get one thing: $1 billion for medical facilities renovation and retooling.

• Military construction: Cut and put into a general pot, a change from targeted money for each branch of the services. Army construction alone went from $600 million in the Senate and $900 million in the House to $180 million in the final bill. But negotiators compromised over a general military construction fund — the House wanted $3.75 billion while the Senate allocated $118 million and settled on $1.45 billion for all services.

• FBI: Senate had allocated $475 million but all was cut out of final bill.

• Pandemic flu research: Although senators agreed it wouldn’t produce jobs, it’s getting $50 million in the final bill, down from nearly $900 million

• Foreclosures: $2 billion is set for a neighborhood stabilization program that helps areas plagued with foreclosures by buying back properties and preventing blight.

• Homeless: $1.5 billion is directed to homelessness prevention.

• Passports: $90 million is going to the State Department to deal with domestic facilities that deal with passports and training.

• Social Security: $500 million goes to replace its 30-year-old computer system.

• Car buyers: Anyone who buys a new car in 2009 gets to deduct the sales tax. To qualify, buyer must make less than $125,000 individually or $250,000 jointly. Cost is $1.7 billion.

• Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. “First-time homebuyer” is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.

• Pell grants: will increase to a maximum of $5,350 per student in 2009-2010 year thanks to two provisions in the stimulus.

• Tax credits: Individuals making less than $80,000 or families making less than $160,000 can get up to $2,500 in tax credits for college tuition. 40 percent ($1,000) of the credit is refundable. Cost: $13.9 billion over 10 years.

• Tax credits: Anyone making $75,000 individually or $150,000 as a family will get refundable tax credit up to $400 per person or $800 per family

President Obama is expected to sign the bill within a few days.

Tags: $787 billion stimulus bill, Final Stimulus Bill, great depression, President Obama's $787 billion stimulus bill, stimulate economy

This entry was posted on Monday, February 16th, 2009 at 12:01 am and is filed under Political Buzz. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.