Tuesday, February 10, 2009

Senate passes stimulus package

In the wake of the U.S. House of Representatives' passage of the $819 billion economic stimulus bill on Jan. 28, the U.S. Senate has passed President Barack Obama's economic recovery plan.

Just three Republicans helped pass the plan on a 61-37 vote, but with the Senate bill costing $838 billion, the House and Senate must now negotiate a final compromise on the bill before sending it to the president.

The Senate bill includes more than $108 billion in spending cuts made last week in Senate dealmaking, and the president wants to restore cuts in funds for school construction jobs and help for cash-starved states. Restoring those cuts could prove difficult, however, given that the three Republicans who helped pass the plan, Sens. Olympia Snowe and Susan Collins of Maine, and Sen. Arlen Specter of Pennsylvania, have indicated they want those cuts to remain in the stimulus package.

President Obama wants the legislation on his desk by Presidents Day, which is next Monday. According to numerous reports, negotiations between the House and Senate actually started before the Senate voted on the package.

Keep checking this blog as news develops on the stimulus package. For its impact on the AEC industry, check out The Obama Infrastructure Plan: A Supplement to PSMJ's 2009 AEC Firm U.S. Market Sector Forecast. Free with your order, you'll also receive PSMJ's Analysis of Economic Indicators for Markets Served by A/E Firms: 1st Quarter 2009. This report provides quantitative data on major market sectors AND the submarkets and regions that the North American A/E industry serves.


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