Update on the Stimulus

The Senate passed its version of the stimulus package today. Sixty-one voted in favor, with 36 opposed. Three Republicans voted in favor: Senators Susan Collins, Olympia Snowe and Arlen Specter. The Senate's stimulus bill totaled $827 billion. The House bill totaled $820 billion.

Senate Majority Leader Harry Reid called for a final vote on the combined senate and house bill tomorrow at 9 pm PST/12pm ET.

Obama held first prime time press conference

Tonight President Obama held his first prime time press conference with the financial crisis as his main topic. He pushed the stimulus package, and declared that "only government" can break the "visicious cycle" of job losses which lead people to spend less money, causing more job losses.

The most important feature of the stimulus package, Obama said, is the "fact that it will save or create up to 4 million jobs, because that's what America needs most right now." Over 90 percent of the jobs created by the stimulus package, according to Obama, "will be in the private sector."The Two

Breakdown of environmentally-friendly stimulus spending

The Senate and House version both contain funds for mass transportation, renewable energy, energy efficiency, and energy transmission. 

Renewable energy, energy efficiency, and energy transmission received $53.8 billion ($48.9 billion in the House version), with $14.4 billion for energy efficiency and renewable energy programs. The House version is $18.5 billion, with $6.2 billion of it for weatherization and $7.9 billion for energy grants to states. 

Renewable energy systems and electric transmission projects would receive $10 billion in federal loan guarantees. The House version only provides $8 billion. Federal power marketing administrations would receive $6.5 billion to build new electricity transmission systems under both the Senate and House versions. Smart grid technology received $4.6 billion from both the Senate and House. 

Renewable energy projects that are large scale would receive $11 billion in both the Senate and House versions. Companies that manufacture equipment for renewable energy would receive a tax credit of equal to 30 percent of their investment. 

The Senate bill provides $10.7 billion to make federal buildings and vehicle fleets energy efficient. The House version provides $8.7 billion. 

The Department of Defense would receive $3.4 billion to make its buildings energy efficient, but in the House version would receive $4.5 billion. 

Enviromental remediation would receive $7.8 billion in the Senate version, and $6.4 billion in the House version.

Manufacturers of advanced battery systems would receive $2 billion in loan guarantees in the Senate version. 

The Senate bill provides $46 billion in funds for transportation projects:
  • $27 billion for highway and bridge construction and repair 
  • $11.5 billion for mass transit and rail projects
  • $4.6 billion for the Army Corps of Engineers
  • $5 billion for public housing improvements
  • $6.4 billion for clean and drinking water projects


SBC said...

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