IRF January 30, 2009 Update on U.S. Stimulus Package
On Wednesday, January 28th, the House approved their $819 billion economic stimulus package titled “the American Recovery and Reinvestment Act.†The bill passed on a nearly party line vote 244-188 with all 177 Republicans voting against the measure. The Senate is scheduled to begin debating its version of the bill on February 2nd. The Senate bill is estimated to cost close to $900 billion.
Congress is hoping to send a conference bill to President Obama for his signature by mid-February after differences in the House and Senate versions are resolved. Some moderate Republicans have indicated their willingness to support the final package if it addresses some of their concerns about spending. Democrats do not need Republican votes to pass the final bill, but Obama has been lobbying heavily for bipartisan support.
Among other things, the bill contains tax cuts, aid for states and funding for infrastructure. In particular, IRF members will be interested in the infrastructure funding included in the stimulus package. The House package contains several provisions to modernize roads, bridges transit and waterways including:
- $30 billion for highway construction;
- $31 billion to modernize federal and other public infrastructure with investments that lead to long term energy cost savings;
- $19 billion for clean water, flood control, and environmental restoration investments;
- $10 billion for transit and rail to reduce traffic congestion and gas consumption.
Approximately 65% of the $819 billion is expected to be spent by September of 2010.