The House passed it's version on Wednesday. The Senate version is closer to $900 Billion, and will be debated and voted on next week. Both packages use a combination of government spending and "tax cuts". Roughly $550 Billion in spending and $275 Billion in "tax cuts".
Some of the spending "highlights" are:
$90 Billion - infrastructure projects
$125 Billion - education related items
$87 Billion - Medicaid to the states
$50 Billion - Renewable energy sources
$20 Billion - Health Care Information Technology updates
The Obama Administration is pushing for quick passage of this legislation. However, here is when the spending would actually occur:
2009 - $26 Billion
2010 - $110 Billion
2011 - $103 Billion
2012 - $53 Billion
2013+ - $63 Billion
Of course, these numbers change by the hour as the Congress works on them. And I have no doubt that if they put their mind to it, the politicians at both the federal and state levels (working closely with thier lobbyists
Given the above, my question is "Why the Big Rush?"
Additional information
Glenn Beck website
click here
Washington Post
click here
An $800 Billion Mistake
By Martin Feldstein
Thursday, January 29, 2009; Page A19Wall Street Journal
click here
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