Democrats have 60 votes needed to pass the bill, with a handful of Republicans in support, said Harry Reid, D.-Nev., Senate majority leader.
Senators have proposed dozens of amendments. Both sides must determine how many will be put to a vote on the Senate floor.
If a consensus is reached, members could vote on the legislation on Friday. If that fails, a Sunday session is planned.
Following Senate approval, the House and Senate versions would need to be reconciled in conference. The goal: Send a compromise bill to Obama's desk before Presidents' Day, Feb. 16.
Unveiled on Jan. 15 by Obama and House Democrats, the economic stimulus plan strongly emphasizes energy, education, health care and jobs-producing highway construction. The version which passed the House calls for federal spending of about $604 billion and tax cuts of $212 billion over the next two years. No Republican voted for the measure.
Click on the categories at left for a look at some specifics of the plan.
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There are differences between the House and Senate proposals. The Senate would provide a $70 billion tax cut for taxpayers hit by the Alternative Minimum Tax; the House would not.
The Senate would spend nearly $2 billion more on defense, homeland security and veterans programs than the House plan would.
The Senate bill would suspend for one year the tax on the first $2,400 of unemployment benefits paid to those who have lost their jobs. The House bill does not include this provision.
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The $212 billion in proposed tax cuts in the House bill includes a tax credit of $500 per worker and $1,000 per working couple. Those tax breaks would phase out for individuals making more than $75,000 a year and for couples making more than $150,000.
The bill OK’d by the Senate Finance Committee would add $70 billion in tax cuts in the form of relief for taxpayers snared by the Alternative Minimum Tax, which was originally designed to prevent the extremely wealthy from avoiding payment of taxes.
In the Senate, Republican officials said they intended to press for a $15,000 tax credit for home buyers through the end of the year. Current law permits a $7,500 tax break and limits it to first-time home buyers.
The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars.
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The Senate Finance Committee version of the stimulus plan would make more people eligible for the child tax credit in 2009 and 2010 at a cost of $10.5 billion over ten years.";
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The House bill proposes $38 billion to extend unemployment benefits for jobless people for an additional eleven months, to increase the unemployment benefit by $25 a week, and to provide job training. The House bill would also spend $20 billion to increase food stamp benefits by 13 percent and $7.5 billion for Supplemental Security Income payments and aid to needy families with children. ";
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The House proposal would spend $40 billion to subsidize health care insurance for the unemployed and provide coverage through the Medicaid program for low-income people; $87 billion to help states pay Medicaid costs; $20 billion to modernize health information technology systems; and $4 billion for preventative care; $1.5 billion for community health centers; $420 million to combat avian flu; $335 million for programs that combat AIDS, sexually transmitted diseases and tuberculosis.";
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The Senate stimulus plan would spend approximately $49 billion on items ranging from $2 billion in subsidies for manufacturing of advanced car batteries to $1 billion for the Energy Department’s Clean Coal Power Initiative.
The Senate bill also includes $4.5 billion for projects to modernize the nation’s electric power grid and $6 billion for repair of federal buildings to increase energy efficiency. The House bill includes similar provisions.
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The Senate bill would spend about $125 billion on public schools and on worker re-training. The House bill would increase education funding by about $92 billion over current levels.
Among the specific items in the Senate bill are $79 billion to be given to the states for aid to local public school districts and public colleges and universities.
Also in the Senate bill is about $14 billion to increase Pell Grants for college and university students. The Senate bill would increase the maximum Pell Grant award by $281 in the 2009-2010 academic year and by $400 in the 2010-2011 academic year.
The House bill has similar provisions.
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The Senate bill would spend $142 billion on infrastructure, a broad category which includes an array of projects from renovating and building public schools, to restoration of facilities at parks, to building new highways.
The Senate bill includes $8.4 billion for investments in public bus, train and subway systems and $2 billion for building in high speed rail corridors.
The House bill includes similar provisions.
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The Senate bill would spend an additional $1.5 billion on the National Aeronautics and Space Administration (NASA), as well as $1.4 billion total for the National Science Foundation. The House bill would spend nearly $3 billion on expanding broadband service in rural areas.";
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The House bill would spend $4 billion in grants to state and local law enforcement. The Senate bill would spend about $4 billion.
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A substantial amount of money would be devoted to creating jobs, many of which would involve repairing the nation's infrastructure, including roads and bridges. Money also would be invested in alternative energy programs.
Obama administration officials estimate the following number of jobs will be created in 2010:
• Mining: 26,000
• Construction: 678,000
• Manufacturing: 408,000
• Wholesale trade: 158,000
• Retail trade: 604,000
• Information: 50,000
• Financial activities: 214,000
• Professional and business services: 345,000
• Education and health services: 240,000
• Leisure and hospitality: 499,000
• Other services: 99,000
• Utilities: 11,000
• Transportation and warehousing: 98,000
• Government total: 244,000
• Total: 3,675,000
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The package would infuse cash into money-losing companies by allowing them to claim tax credits on past profits dating back five years instead of two. It also would offer bonus depreciation for businesses investing in new plants and equipment; double the amount small businesses can write off for capital investments and new equipment purchases; allow businesses to claim a tax credit for hiring youths and veterans. ";
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The stimulus plan won't include money specifically earmarked for lawmakers' pet projects and will include provisions to ensure transparency and accountability to taxpayers and Congress. The administration wants an oversight board created to meet publicly and issue reports to Congress on how the money is being spent. A user-friendly Internet site also would allow people to track the flow of funds.
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A few contentious provisions have already been dropped from the original administration proposals and the House version.
Congressional leaders decided not to include a proposed tax credit for businesses for each job they create or save.
At Obama’s request, House leaders removed a $335 million Medicaid provision funding contraception programs for low-income people. House leaders also deleted $200 million in funds to spruce up the National Mall in Washington, D.C.
Although relatively small in dollar amount compared to the total size of the bill, these provisions sparked some harsh criticism.
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// END editorial data