Thursday, February 12, 2009

Congress Agrees to Economic Recovery Package

As noted in this article from the Washington Post, it appears that Congress has reached agreement on a $789 billion economic recovery package late yesterday afternoon.

The package is split into four pieces: aid to state and local governments; additional funding for "shovel ready" infrastructure projects; tax breaks for individuals and businesses; and investments in health care and alternative energy.

The "American Recovery and Reinvestment Act" is intended to create 3.5 million jobs and help restore the economy by investing in communities. Check out this fact sheet to see a summary of the provisions included in this bill.

As you can see, the economic recovery package features many housing-related provisions including approximately $2 billion in funding for the Neighborhood Stabilization Program.

According to this article in the New York Times, both the House of Representatives and the Senate may vote as early as tomorrow, February 13.

The video below shows Senate Majority Leader, Harry Reid (D-NV) announcing that agreement had been reached between House and Senate conferees and the Administration on the economic recovery package.

1 comment:

Oct3 said...

I don't know how much passing this will help. Economies go through cycles. I read this interesting article on

http://www.recessioninfocenter.com

on previous recessions. We just need to adjust I guess.