Risk & Compliance

Pelosi Unveils $825 Billion Stimulus

Plan includes $550b in new spending and $275b in tax cuts, plus major investments in roads, education, and health care, along with aid to states an...
Roll Call StaffJanuary 15, 2009

House Speaker Nancy Pelosi (D-Calif.) outlined an $825 billion economic stimulus package Thursday morning that she said would be marked up in committees next week.

The plan includes $550 billion in new spending and $275 billion in tax cuts, with major investments in roads, education, and health care, as well as aid to struggling states and tax relief of up to $500 per worker.

States are the biggest winners in the package, with hundreds of billions of dollars flowing through state and local education and health care programs and transportation systems.

Clean energy initiatives also will get a massive infusion of cash, along with money for construction of science facilities and broadband Internet.

The unemployed will enjoy extended benefits throughout 2009 in the areas of health care and food stamps.

Pelosi said she acquiesced to Republican requests that she hold markups on the legislation next week, and said the plan was developed in consultation with the incoming Obama administration. But the Speaker stressed that the package is a House proposal.

“This is the first step in the process,” she said.

Among items that didn’t make it into the measure is another patch to the Alternative Minimum Tax, which would have either swollen its size or crowded out other tax cuts.

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