With president elect Obama acknowledging that his proposed economic stimulus legislation will likely more than double the federal deficit to $1 trillion from $455 billion for the foreseeable future, the House and Senate got right down to business putting in place rule changes which are designed to speed the stimulus legislation along and smooth the way for prompt passage. House Appropriations Chairman David Obey and Senate Appropriations Chairman Daniel Inouye both announced institution of a requirement that any member requesting an earmark on spending legislation immediately post on his or her website information explaining the purpose of the earmark and the nature of its value. Meanwhile, the House repealed the Republican imposed term limits on committee chairmanships.
The Obama transition team began unveiling some details of the stimulus proposals, including creation of an "Economic Recovery Accountability and Transparency Board" composed of administration officials and outsiders to deliver periodic reports to Congress and the nation on how stimulus appropriations are being spent, and creation of a publicly accessible website detailing where and how the money is being spent. Transition team members report a price tag on the legislation of $775 to $850 billion, designed to create 3.2 million new jobs by the first quarter of 2011. Some congressional aides say the cost could go as higher, and Senator Reid has predicted a final cost of as much as $1.3 trillion.
Senate Budget Chairman Kent Conrad and ranking Republican member Judd Gregg both are proposing a requirement that the legislation outline proposals for deficit reduction once the stimulus money has been spent over the next two years. This proposal is expected to generate a lot of discussion at a January 8 hearing where Congressional Budget Office Acting Director Robert Sunshine will testify about the proposed budget and the economic outlook for the near future.
Consensus on the hill and the Obama Washington transition office seems to be that stimulus legislation will not be passed by inauguration day, and that the hope is for a bill to be through both houses and the conference committee before Congress adjourns February 13 for its Easter recess. Obama has said he would like to sign the bill on President's Day, February 16, 2009.
This calendar, if the politicians adhere to it, means the construction industry will not likely see any of this cash before August 10, 2009, although individual paychecks affected by the middle class tax relief provisions could go up $15 per week as soon as March 1.
The Obama transition team began unveiling some details of the stimulus proposals, including creation of an "Economic Recovery Accountability and Transparency Board" composed of administration officials and outsiders to deliver periodic reports to Congress and the nation on how stimulus appropriations are being spent, and creation of a publicly accessible website detailing where and how the money is being spent. Transition team members report a price tag on the legislation of $775 to $850 billion, designed to create 3.2 million new jobs by the first quarter of 2011. Some congressional aides say the cost could go as higher, and Senator Reid has predicted a final cost of as much as $1.3 trillion.
Senate Budget Chairman Kent Conrad and ranking Republican member Judd Gregg both are proposing a requirement that the legislation outline proposals for deficit reduction once the stimulus money has been spent over the next two years. This proposal is expected to generate a lot of discussion at a January 8 hearing where Congressional Budget Office Acting Director Robert Sunshine will testify about the proposed budget and the economic outlook for the near future.
Consensus on the hill and the Obama Washington transition office seems to be that stimulus legislation will not be passed by inauguration day, and that the hope is for a bill to be through both houses and the conference committee before Congress adjourns February 13 for its Easter recess. Obama has said he would like to sign the bill on President's Day, February 16, 2009.
This calendar, if the politicians adhere to it, means the construction industry will not likely see any of this cash before August 10, 2009, although individual paychecks affected by the middle class tax relief provisions could go up $15 per week as soon as March 1.
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