January 28, 2009 / 11:51 PM / 11 years ago

FACTBOX-Economic stimulus bill moves through US Congress

Jan 28 (Reuters) - A massive economic stimulus bill is winding its way through the U.S. Congress, pushed by Democratic leaders who want to present President Barack Obama with legislation he can sign by mid-February.

Here is the status of the $825 billion bill, which aims to jump-start an economy in recession since December 2007:

THE HOUSE OF REPRESENTATIVES

* The House passed its version of the legislation on Wednesday. It includes, in figures that are rounded up:

- $358 billion in emergency spending on construction projects and other investments aimed at creating jobs. It also includes a boost in federal investment in education and an expansion of food aid programs.

- $275 billion in temporary tax cuts for workers, tax incentives to produce renewable energy and breaks for builders and other companies that would be allowed to write off current losses against five previous tax years.

- $48 billion to help unemployed people keep their health insurance and to invest in health information technology.

- $46 billion for expanded unemployment benefits and aid to needy families and child support.

- $100 billion that includes money to improve broadband Internet access, invest more in clean energy and energy efficiency. It also has about $87 billion to help states pay increasing Medicaid health insurance costs for the poor.

THE SENATE

* The Senate Appropriations Committee approved its part of the huge spending bill — $365.6 billion for construction projects, to improve the health care system and other priorities.

* The Senate Finance Committee approved $522 billion in tax cuts and other provisions, including a one-year fix of the Alternative Minimum Tax to shield middle-class taxpayers from paying a tax originally intended only for the wealthiest taxpayers. With this change, the overall cost of the Senate bill could rise to $887 billion.

STILL TO COME:

* A Senate vote on passage could come next week. But first, Republicans will try to amend the bill, possibly to include more tax cuts and less spending. Obama says he’s open to their suggestions.

* Once both chambers pass bills, House and Senate negotiators would then meet to work out differences.

* Democrats hope final votes on one bill would be held by mid-February, with Obama signing it into law promptly. (Compiled by Richard Cowan; editing by Todd Eastham)

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