Stimulus bill summary released

Includes $10B for transit

Steve Hawley, Jan 15, 09.

A preliminary summary of the American Recovery and Reinvestment Act of 2009 has been released, according to Talking Points Memo. The goal of the bill, which Congress will be considering for the next two weeks, is to “create and save 3 to 4 million jobs, jumpstart our economy, and begin the process of transforming it for the 21st century with $275 billion in economic recovery tax cuts and $550 billion in thoughtfully and carefully targeted priority investments.”

Here are some excerpts from the executive summary:

Unprecedented Accountability:
· How funds are spent, all announcements of contract and grant competitions and awards, and formula grant allocations must be posted on a special website created by the President. Program managers will also be listed so the public knows who to hold accountable.
· Public notification of funding must include a description of the investment funded, the purpose, the total cost and why the activity should be funded with recovery dollars. Governors, mayors or others making funding decisions must personally certify that the investment has been fully vetted and is an appropriate use of taxpayer dollars. This will also be placed on the recovery website.

Clean, Efficient, American Energy:
· $32 billion to transform the nation’s energy transmission, distribution, and production systems by allowing for a smarter and better grid and focusing investment in renewable technology.
· $16 billion to repair public housing and make key energy efficiency retrofits.
· $6 billion to weatherize modest-income homes.

Transform our Economy with Science and Technology:
· $10 billion for science facilities, research, and instrumentation.
· $6 billion to expand broadband internet access so businesses in rural and other underserved areas can link up to the global economy.

Modernize Roads, Bridges, Transit and Waterways:
· $30 billion for highway construction;
· $31 billion to modernize federal and other public infrastructure with investments that lead to long term energy cost savings;
· $19 billion for clean water, flood control, and environmental restoration investments;
· $10 billion for transit and rail to reduce traffic congestion and gas consumption.

Education for the 21st Century:
· $41 billion to local school districts
· $79 billion in state fiscal relief to prevent cutbacks to key services
· $15.6 billion to increase the Pell grant by $500.
· $6 billion for higher education modernization.

Other stimulus priorities include tax cuts, lower healthcare costs, helping workers hurt by the economy, and saving public sector jobs and protecting vital services. A much more detailed breakdown is available via Talking Points Memo.

While it’s interesting to note that highways get three times more money than mass transit, the blog Greater Greater Washington points out that this is “a small step up over the existing status quo which gave 20% of federal transportation funding to transit. This may be a sign that mass transit is becoming more politically popular.

Of course, these preliminary figures are likely to change as both parties and both houses of Congress wrangle over the details.