As the annoying rattle of Congressional startup settles down into the more familiar quiet hum of Washington's well oiled political machinery, the details of the Obama team's economic stimulus legislation are beginning to take shape, and the battle lines over certain more controversial provisions have now been drawn. The whispers are about a total package of $800 billion to save or create 3 million jobs.
Senate Finance Chairman Max Baucus of Washington expects to begin marking up legislation January 19, and has mentioned a total of $274 billion in tax cuts, including $188 billion for middle class individuals, $76 billion for businesses, and $10 billion for energy incentives. He also wants to include an unspecified appropriation for COBRA subsidies to help the unemployed pay for health insurance, which now takes 80% of unemployment insurance benefits for family coverage. Senate Budget Chairman Kent Conrad and Senator Maria Cantwell also want increased funding for energy tax incentives.
House Speaker Nancy Pelosi of California and Senate Democratic Caucus Chairman Charles Schumer of New York are both pressing for a $4,000 annual college tuition tax credit, and Pelosi is pushing immediate repeal of the Bush administration tax cuts. Pelosi and Senator Mitch McConnell both promise action on stimulus legislation before the scheduled February 13 adjournment.
House Financial Services chairman Barney Frank is drafting requirements for $40 billion in mortgage foreclosure relief for homeowners, but that money will probably come from the remaining $350 billion in TARP funds rather than from the stimulus appropriations.
Representative Earl Blumenauer of Oregon and House Ways and Means Chairman Charles Rangel are both insisting that any enlargement of tax loss carry backs must exclude any financial firm which has received TARP bailout money.
Finally, committee staff members on both sides of the aisle are discussing a one year patch for the AMT to avoid giving refunds with one hand and taking them back with the other, and inclusion of $48 billion in financial relief to state governments in the stimulus package.
Some of the numbers under discussion overlap from one category to another. It still looks like there will be hard money of about $110 billion for the construction industry in the final legislation, though some of the military construction portion may end up being spent in Europe rather than in the United States.
Senate Finance Chairman Max Baucus of Washington expects to begin marking up legislation January 19, and has mentioned a total of $274 billion in tax cuts, including $188 billion for middle class individuals, $76 billion for businesses, and $10 billion for energy incentives. He also wants to include an unspecified appropriation for COBRA subsidies to help the unemployed pay for health insurance, which now takes 80% of unemployment insurance benefits for family coverage. Senate Budget Chairman Kent Conrad and Senator Maria Cantwell also want increased funding for energy tax incentives.
House Speaker Nancy Pelosi of California and Senate Democratic Caucus Chairman Charles Schumer of New York are both pressing for a $4,000 annual college tuition tax credit, and Pelosi is pushing immediate repeal of the Bush administration tax cuts. Pelosi and Senator Mitch McConnell both promise action on stimulus legislation before the scheduled February 13 adjournment.
House Financial Services chairman Barney Frank is drafting requirements for $40 billion in mortgage foreclosure relief for homeowners, but that money will probably come from the remaining $350 billion in TARP funds rather than from the stimulus appropriations.
Representative Earl Blumenauer of Oregon and House Ways and Means Chairman Charles Rangel are both insisting that any enlargement of tax loss carry backs must exclude any financial firm which has received TARP bailout money.
Finally, committee staff members on both sides of the aisle are discussing a one year patch for the AMT to avoid giving refunds with one hand and taking them back with the other, and inclusion of $48 billion in financial relief to state governments in the stimulus package.
Some of the numbers under discussion overlap from one category to another. It still looks like there will be hard money of about $110 billion for the construction industry in the final legislation, though some of the military construction portion may end up being spent in Europe rather than in the United States.
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