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Taking Apart the $819 billion Stimulus Package

SPENDING + TAX CUTS = TOTAL COST House bill introduced Jan. 26 $550 billion $275 billion (33%) $825 billion Congressional Budget Office analysis $212 billion (26%) $816 billion of original House bill $604 billion CBO analysis of House-approved bill $637 billion $182 billion (22%) $819 billion Democrats say tax cuts represent one-third of the overall stimulus package, not a huge difference from Obama's original goal of 40 percent. But congressional budget analysts count nearly $100 billion of these measures as spending because they are credits going to people who don't pay taxes. The CBO adjustment reduces the tax-cut portion of the package to 22 percent. Total Spending The CBO divides the bill's spending into direct payments to individuals (i.e., unemployment compensation or tax credits) and purchases of goods and services, either directly by the federal government or indirectly in the form of grants to states and local governments. Direct payments to individuals Democrats define some of this as tax cuts. Totals for 2009-2019, in billions of dollars Health, labor and education Agriculture, nutrition, and rural development Assistance to unemployed, families Health Tax provisions Medicaid Energy and water Housing, transportation Commerce, justice, and science State stabilization fund insurance Health information technology Environment, interior Federal facilities Military, veterans Defense Homeland security State Dept. $26.9 $13.9 $4.8 $48.9 $14.3 $8.5 $91.3 $1.1 $62.3 $7 $0.5 $79 $45.7 $40.8 $20.2 $89.7 $82.1 CATEGO RY BREAKDOWN $20 $4.8 $8.1 $20.2 $30 $27.1 $20.2 $0.5 Technology and construction Facility repair and Supplemental Nutrition Assistance Program (food stamps) $2.8 State grants for water infra- structure projects Department of Health $7.5 and Human Financial energy projects $18.5 Highway construction Extend incentives to Medicaid/ Medicare projects $6 $1.1 emergency unemployment benefits Services Homeland Energy efficiency and renewable- eпergy programs Construct and repair federal Military constiuction providers to use technology Tax credit payments Security Grants to extend broadband $6.2 $4.4 $82.1 buildings $16.1 $2.8 $11.1 Employment and training Other, Expand broadband in including capital improvements to national parks Other transportation Other unemployment compensation programs $1 Other rural areas $3 $8 programs $1 Maintain and State and local law enforcement assistance Federal loan guarantees for renewable-energy systems and electricity transmission repair VA medical facilities Temporary increase in $20 $11.1 $4.1 $7.5 federal medical assistance Elementary and secondary school Housing assistance Rural $89.7 Child support and other family assistance development renovations $3 programs $17.4 Science and technology research grants $17 $5.1 Health Other, including modernizing nation's electricity grid insurance Pell Grants and other student financial aid Community development assistance for unemployed $40.8 grants to states and 5.1 $4.5 cities Other Army Corps of Engineers State grants for education and other budget needs $79 $29 PEAK YEAR $236.4 billion ► $0.5 Other Education programs $0.6 Other $200 Spending Over Time The House bill would pour about $525 billion – 64 percent of the total package – into the economy within 19 months through spending and tax breaks, according to a CBO estimate. That falls short of the administration's goal of 75 percent by Sept. 30, 2010. Spending on infrastructure such as highways and schools could be held up by government contracting procedures and other bureaucratic requirements. Health and human services, labor, education | $91.3 billion Most of the funds in this portion of the package would not be spent by Sept. 30, 2010. For example, only about half of the cash proposed to renovate the nation's elementary and secondary schools would be used within 19 months. 150 Medicaid provisions $89.7 billion The bulk of these funds would be doled out in 2009 and 2010. THIS YEAR Tax provisions I $82.1 billion $107.1 billion The CBO and the Joint Committee on Taxation estimate that changes to tax law would increase budgetary outlays by about $80 billion, the bulk of which would be distributed within the first two years. 100 State Fiscal Stabilization Fund $79 billion Administered by the Education Department, the program would help states and local governments fund education and other services. Transportation and housing and urban development $62.3 billion Just one-third of the amount allocated for highway construction would be completed by the end of fiscal 2010. 50 Energy and water | $48.9 billion Assistance for unemployed workers and struggling families | $45.7 billion Health insurance assistance for the unemployed I $40.8 billion Agriculture, nutrition and rural development I $26.9 billion Health information technology $20.2 billion Election year Fiscal 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Taking Apart the $819 billion Stimulus Package

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The centerpiece of President Obama's domestic agenda is an $819 billion economic stimulus plan. The Senate will consider the measure this week, with an eye toward the amount of tax cuts and spending. ...

Publisher

The Washington Post

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Category

Economy
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