Thursday, January 15, 2009

$825 billion stimulus bill introduced in House; swift passage expected

House Democrats are calling for $825 billion in federal spending and tax cuts as part of a plan to revive the economy, emphasizing energy, education, health care, and highway construction.

The legislation calls for $550 billion in federal spending and $275 billion in tax cuts over the next two years which, according to this Associated Press article, will likely rise as the bill makes its way through Congress.

The article claims the $825 billion legislation would be one of the largest bills ever to move through Congress, but lawmakers are moving quickly. House Speaker Nancy Pelosi, D-Calif., and Sen. Harry Reid, D-Nev., the Senate Majority Leader, are pledging to have the bill ready for President-Elect Barack Obama's signature by mid-February.

House leaders called for $30 billion for highway construction and $10 billion for mass transit and rail, allocations which will surely help the sluggish AEC industry.


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