Monday, February 9, 2009

$827 Billion Stimulus Bill May Pass This Week

An $827 billion stimulus bill is expected to pass the House and Senate and be delivered to the president by the end of the week. A 60 vote majority is needed Tuesday for the bill to continue to progress. The House and Senate have similar bills but vary in cost and allocation. The Senate proposes an $827 billion in legislation while the House proposes $819 billion in legislation. Both bills include tax breaks for home buyers (senate version of the bill is more favorable to stimulate the real estate turnaround), tax breaks for new car purchases (Senate bill only), Medicaid benefits, cuts for low-income wage earners, food stamps, more unemployment benefits, health care, ways to decrease foreign oil needs, IT for the health industry and more. Lets see what this week will bring.