The whispers on Capitol Hill are beginning to put the value of the forthcoming stimulus legislation in the range of $800 billion up to $1 trillion. Expectation remains that the legislation will pass and be signed by Presidents Day, February 16.
The House Ways and Means Committee, chaired by Charles Rangel, will meet Tuesday with Obama's economic team to flesh out the provisions of the new laws required to put these plans into effect. Democrats in the Senate want to see more emphasis on infrastructure and alternative energy spending, and the dollar increases are more likely to go in that direction than into additional tax cuts, although certain taxation revisions being proposed include renewable energy tax incentives, tax-credit bond financing for local transit construction, increased availability of Qualified Zone Academy Bonds for school rebuilding, and changes to make it easier for municipal governments to market tax exempt bonds for airport, public housing, and public hospital construction.
Representative Earl Blumenauer of Oregon seems satisfied to wait for major renewable energy appropriations until a second bill after the initial stimulus package is in place. Democrats in both houses are seeking to add provisions for a bolstered Trade Adjustment Assistance program to the stimulus legislation to help displaced American workers, according to Ways and Means Trade Subcommittee Chairman Sander Levin.
Meanwhile, a separate bill to be introduced by House Financial Services Chairman Barney Frank requiring that at least $40 billion of the remaining $350 billion in TARP funds be devoted to mortgage foreclosure relief seems likely to take that particular issue off the list of things which need to be resolved before the stimulus legislation passes. Frank's bill is expected to also include limits on executive compensation for financial institutions accepting TARP aid, and a requirement that all such banks get rid of private aircraft they own or lease.
As details of the stimulus legislation are marked up in various Congressional committees, the biggest challenge for the incoming administration will be sticking to its promise of eliminating all earmarks from the bill.
Without regard to the battles ahead, or the ultimate timing of passage and signing of this stimulus legislation, there is still likely to be at least $110 billion of opportunity for the construction industry in its terms, and the contractors prepared with information of where, when and how the projects to be funded by these appropriations will be released for bidding are the ones which will benefit most from its passage.
The House Ways and Means Committee, chaired by Charles Rangel, will meet Tuesday with Obama's economic team to flesh out the provisions of the new laws required to put these plans into effect. Democrats in the Senate want to see more emphasis on infrastructure and alternative energy spending, and the dollar increases are more likely to go in that direction than into additional tax cuts, although certain taxation revisions being proposed include renewable energy tax incentives, tax-credit bond financing for local transit construction, increased availability of Qualified Zone Academy Bonds for school rebuilding, and changes to make it easier for municipal governments to market tax exempt bonds for airport, public housing, and public hospital construction.
Representative Earl Blumenauer of Oregon seems satisfied to wait for major renewable energy appropriations until a second bill after the initial stimulus package is in place. Democrats in both houses are seeking to add provisions for a bolstered Trade Adjustment Assistance program to the stimulus legislation to help displaced American workers, according to Ways and Means Trade Subcommittee Chairman Sander Levin.
Meanwhile, a separate bill to be introduced by House Financial Services Chairman Barney Frank requiring that at least $40 billion of the remaining $350 billion in TARP funds be devoted to mortgage foreclosure relief seems likely to take that particular issue off the list of things which need to be resolved before the stimulus legislation passes. Frank's bill is expected to also include limits on executive compensation for financial institutions accepting TARP aid, and a requirement that all such banks get rid of private aircraft they own or lease.
As details of the stimulus legislation are marked up in various Congressional committees, the biggest challenge for the incoming administration will be sticking to its promise of eliminating all earmarks from the bill.
Without regard to the battles ahead, or the ultimate timing of passage and signing of this stimulus legislation, there is still likely to be at least $110 billion of opportunity for the construction industry in its terms, and the contractors prepared with information of where, when and how the projects to be funded by these appropriations will be released for bidding are the ones which will benefit most from its passage.
The high cost of fuel this past year did serious damage to our economy and society. After a brief reprieve gas prices are inching back up again. Our nation should not allow other nations to have such power over us and our economy . We have so much available to us in the way of technology and free sources of energy. WE seriously need to get on with becoming an energy independent nation. We are spending billions upon billions in bail out dollars. Why not spend some of those billions in getting alternative energy projects set up. We could create clean cheap energy, millions of badly needed new green jobs and lessen our dependence on foreign oil all in one fell swoop. I just read an eye opening book by Jeff Wilson called The Manhattan Project of 2009. It would cost the equivalent of 60 cents per gallon to drive and charge an electric car.If all gasoline cars, trucks, and SUV's instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Why don't we use some of the billions in bail out money to bail us out of our dependence on foreign oil? This past year the high cost of fuel so seriously damaged our economy and society that the ripple effects will be felt for years to come. www.themanhattanprojectof2009.com
ReplyDeleteBesides the initial injection of at least half a billion dollars for renewable energy demonstration projects expected in the initial economic stimulus legislation, expect a bill later this year appropriating a much mroe significant amount for alternative energy research and development. Focus of the stimulus bill is on projects which can push cash into the economy as rapidly as possible. I do expect a big federal appropriation specifically for alternative enercy development early in Obama's term.
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