While president elect Obama's stimulus package speech at George Mason University in Virginia was short on specifics, both sides of the Capitol are buzzing with activity filling in the details of the proposed legislation. The House Appropriations Committee is scheduled to begin marking up the bill the week of January 19, and House Ways and Means Chairman Charles Rangel has set a markup in his committee January 21. The Senate Finance Committee expects to begin a markup on January 22. Speaker Pelosi insists she won't adjourn for Easter recess February 16 as scheduled unless legislation is on the President's desk.
Meanwhile, there is a lot of talk about certain provisions of the proposed legislation which some in Congress think are missing or should be eliminated.
UNDER ATTACK:
Senator Ron Wyden of Oregon doesn't think the proposed $3,000 tax credit for job creation will have any significant stimulating effect on the economy.
The proposed extension of tax loss carry backs to five years has been criticized by both Ways and Means Chairman Rangel and by Senator Olympia Snow of Maine.
ADD ONS:
Several leaders in both houses proposed adding a one year patch to the alternative minimum tax into the stimulus legislation.
Housing assistance appropriations and money for energy assistance for low income households will also likely be added, with support form Senator Judd Gregg, Ranking Member of the Senate Budget Committee.
Foreclosure relief in some form or other was mentioned by Obama in his speech, and will also likely be added into the bill.
Homeland Security appropriations totaling $2 billion are also under discussion, including $500 million for explosive detectors, $350 million for consolidation of the Homeland Security Headquarters in Washington, D.C., $300 million each for the Coast Guard and border security in the southwestern United States, and $100 million for seaport infrastructure.
The total package, now being whispered to amount to $800 billion, looks like it will include about $110 billion for the construction industry.
Meanwhile, there is a lot of talk about certain provisions of the proposed legislation which some in Congress think are missing or should be eliminated.
UNDER ATTACK:
Senator Ron Wyden of Oregon doesn't think the proposed $3,000 tax credit for job creation will have any significant stimulating effect on the economy.
The proposed extension of tax loss carry backs to five years has been criticized by both Ways and Means Chairman Rangel and by Senator Olympia Snow of Maine.
ADD ONS:
Several leaders in both houses proposed adding a one year patch to the alternative minimum tax into the stimulus legislation.
Housing assistance appropriations and money for energy assistance for low income households will also likely be added, with support form Senator Judd Gregg, Ranking Member of the Senate Budget Committee.
Foreclosure relief in some form or other was mentioned by Obama in his speech, and will also likely be added into the bill.
Homeland Security appropriations totaling $2 billion are also under discussion, including $500 million for explosive detectors, $350 million for consolidation of the Homeland Security Headquarters in Washington, D.C., $300 million each for the Coast Guard and border security in the southwestern United States, and $100 million for seaport infrastructure.
The total package, now being whispered to amount to $800 billion, looks like it will include about $110 billion for the construction industry.
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