By The Associated Press
February 7, 2009
A comparison of the $827 billion economic recovery plan drafted
by Senate Democrats and moderate Republicans with an $820
billion version passed by the House. Additional debt costs
would add about $350 billion or more over 10 years. Many
provisions expire in two years.
Spending
AID TO POOR AND UNEMPLOYED:
- Senate — $47 billion to provide extended unemployment
benefits through Dec. 31, increased by $25 a week, and provide
job training; $16.5 billion to increase food stamp benefits
by 12 percent through fiscal 2011 and issue a one-time bonus
payment; $3 billion in temporary welfare payments.
- House — Comparable extension of unemployment insurance;
$20 billion to increase food stamp benefits by 14 percent;
$2.5 billion in temporary welfare payments; $1 billion for
home heating subsidies and $1 billion for community action
agencies.
DIRECT CASH PAYMENTS:
- Senate — $17 billion to give one-time $300 payments
to Social Security recipients, poor people on Supplemental
Security Income, and veterans receiving disability and pensions.
- House — $4 billion to provide a one-time additional
Supplemental Security Income payment to poor elderly and disabled
people of $450 for individuals and $630 for married couples.
INFRASTRUCTURE:
- Senate — $46 billion for transportation projects, including
$27 billion for highway and bridge construction and repair
and $11.5 billion for mass transit and rail projects; $4.6
billion for the Army Corps of Engineers; $5 billion for public
housing improvements; $6.4 billion for clean and drinking water
projects.
- House — $47 billion for transportation projects, including
$27 billion for highway and bridge construction and repair
and $12 billion for mass transit, including $7.5 billion to
buy transit equipment such as buses; $31 billion to build and
repair federal buildings and other public infrastructure; $12.4
billion in rail and mass transit projects.
HEALTH CARE:
- Senate — $21 billion to subsidize health care insurance
for the unemployed under the COBRA program; $87 billion to
help states with Medicaid; $22 billion to modernize health
information technology systems; $10 billion for health research
and construction of National Institutes of Health facilities.
- House — $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.
EDUCATION:
- Senate — $79 billion in state fiscal relief to prevent
cuts in education aid and provide block grants; $25 billion
to school districts to fund special education and the No Child
Left Behind K-12 law; $14 billion to boost the maximum Pell
Grant by $400 to $5,250; $1.1 billion for Head Start.
- House — Similar aid to states and school districts;
$21 billion for school modernization; $16 billion to boost
the maximum Pell Grant by $500 to $5,350; $2 billion for Head
Start.
ENERGY:
- Senate — About $40 billion for energy programs, focused
chiefly on efficiency and renewable energy, including $2.9
billion to weatherize modest-income homes; $4.6 billion for
fossil fuel research and development; $6.4 billion to clean
up nuclear weapons production sites; $11 billion toward a so-called "smart
electricity grid" to reduce waste; $8.5 billion to subsidize
loans for renewable energy projects; and $2 billion for advanced
battery systems.
- House — $28.4 billion for energy efficiency and renewable
energy programs, including $6.2 billion to weatherize homes;
$11 billion to fund a so-called "smart electricity grid" to
reduce waste.
HOMELAND SECURITY:
- Senate — $4.7 billion for homeland security programs,
including $1 billion for airport screening equipment and $800
million for port security.
- House — $1.1 billion, including $500 million for airport
screening equipment.
LAW ENFORCEMENT:
- Senate — $3.5 billion in grants to state and local
law enforcement to hire officers and purchase equipment.
- House — Comparable provision.
___
Taxes
NEW TAX CREDIT:
- House — About $145 billion for $500 per-worker, $1,000
per-couple tax credits in 2009 and 2010. For the last half
of 2009, workers could expect to see about $20 a week less
withheld from their paychecks starting around June. Millions
of Americans who don't make enough money to pay federal income
taxes could file returns next year and receive checks. Individuals
making more than $75,000 and couples making more than $150,000
would receive reduced amounts.
- Senate — The credit would phase out at incomes of $70,000
for individuals and couples making more than $140,000 and phase
out more quickly, reducing the cost to $140 billion.
EXPANDED CHILD CREDIT:
- House — $18.3 billion to give greater access to the
$1,000 per-child tax credit for the working poor in 2009 and
2010. Under current law, workers must make at least $12,550
to receive any portion of the credit. The change eliminates
the floor, meaning more workers who pay no federal income taxes
could receive checks.
- Senate — Sets a new income threshold of $8,100 to receive
any portion of the credit, reducing the cost to $7.5 billion.
ALTERNATIVE MINIMUM TAX
- House — No provision
- Senate — About $70 billion to spare about 24 million
taxpayers from being hit with the alternative minimum tax in
2009. The change would save a family of four an average of
$2,300. The tax was designed to make sure wealthy taxpayers
can't use credits and deductions to avoid paying any taxes.
But it was never indexed to inflation, so families making as
little as $45,000 could get significant increases without the
change. Congress addresses it each year, usually in the fall.
EXPANDED EARNED INCOME TAX CREDIT:
- House — $4.7 billion to increase the earned-income
tax credit — which provides money to the working poor — for
families with at least three children.
- Senate — Same.
EXPANDED COLLEGE CREDIT:
- House — $13.7 billion to provide a $2,500 expanded
tax credit for college tuition and related expenses for 2009
and 2010. The credit is phased out for couples making more
than $160,000.
- Senate — Reduces the amount that can be refunded to
low-income families that pay no income taxes, lowering the
cost to $13 billion.
HOMEBUYER CREDIT:
- House — $2.6 billion to 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. The credit is phased out for couples
making more than $150,000.
- Senate — Doubles the credit to $15,000 for homes purchased
for a year after the bill takes effect, increasing the cost
to $35.5 billion.
HOME ENERGY CREDIT:
- House — $4.3 billion to provide an expanded credit
to homeowners who make their homes more energy-efficient in
2009 and 2010. Homeowners could recoup 30 percent of the cost
up to $1,500 of numerous projects, such as installing energy-efficient
windows, doors, furnaces and air conditioners.
- Senate — Same.
UNEMPLOYMENT:
- House — No similar provision.
- Senate — $4.7 billion to exclude from taxation the
first $2,400 a person receives in unemployment compensation
benefits in 2009.
BONUS DEPRECIATION:
- House — $5 billion to extend a provision allowing businesses
buying equipment such as computers to speed up its depreciation
through 2009.
- Senate — Similar.
MONEY LOSING COMPANIES:
- House — $15 billion to allow companies to use current
losses to offset profits made in the previous five years, instead
of two, making them eligible for tax refunds.
_Senate — Allows companies to use more of their losses
to offset previous profits, increasing the cost to $19.5 billion.
GOVERNMENT CONTRACTORS:
- House — Repeal a law that takes effect in 2011, requiring
government agencies to withhold 3 percent of payments to contractors
to help ensure they pay their tax bills. Repealing the law
would cost $11 billion over 10 years, in part because the government
could not earn interest by holding the money throughout the
year.
- Senate — Delays the law from taking affect until 2012,
reducing the cost to $291 million.
ENERGY PRODUCTION:
- House — $13 billion to extend tax credits for renewable
energy production.
- Senate — Same.
BONDS:
- House — $36 billion to subsidize locally issued bonds
for school construction, teacher training, economic development
and infrastructure improvements.
- Senate — $22.8 billion to subsidize locally issued
bonds for school construction, industrial development and infrastructure
improvements.
REPEAL BANK CREDIT:
_House — 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.
- Senate — Same.
AUTO SALES:
- House — No similar provision.
- Senate — $11 billion to make interest payments on most
auto loans and sales tax on cars deductible.
----------------------------------------------------------------------------------------------------------------------------------------
(In accordance with Title
17 U.S.C. Section 107, this material is distributed
without profit to those who have expressed a prior interest
in receiving the included information for research and
educational purposes. BadConcress.com has no affiliation
whatsoever with the originator of this article nor is BadCongress.com
endorsed or sponsored by the originator.
|
