Houses of US Congress weigh stimulus bills

Feb 9 - The U.S. House of Representatives has passed its economic stimulus plan and the Senate is debating its own version. In the end, a joint bill will likely pass both chambers for President Barack Obama to sign it.

Here's what's involved for now:

THE SENATE

* The Senate was trying to wrap up debate on a bill now totaling roughly $827 billion after whittling it down from $937 billion. The price could drop a few billion dollars more depending on how a provision for a homebuyers' tax credit is calculated. The total does not include government interest payments on the borrowed money. Tax provisions total roughly $370 billion with the remaining approximately $460 billion in spending, according to Senate aides (figures approximate because of rounding).

* Here are some of the bigger reductions favored by Senate Democrats and a handful of fellow Republicans.

- $40 billion from the State Fiscal Stabilization Fund which was meant to help states plug growing budget gaps.

- $16 billion for school construction.

- $5.8 billion for the Public Health and Social Services Emergency Fund, which pays for items such as grants for disease prevention as well as immunization programs.

- $2 billion for health information technology efforts such as computerizing health records.

* Here are a few of the bigger provisions that senators agreed to keep in the package.

- $139.8 billion in income tax credits, up to $500 for individuals and up to $1,000 for families.

- A one-year fix to the Alternative Minimum Tax to shield middle-class taxpayers from paying a tax originally intended only for the wealthiest taxpayers, a provision that alone costs almost $70 billion. This amendment is not included in the House-passed bill.

- About $43 billion to extend and expand unemployment benefits and to make them tax free for 2009.

- Up to $35.5 billion for expanding for one year a tax credit for first-time homebuyers to all purchasers of principal residences. It would boost the credit as high as $15,000, or 10 percent of the home price, whichever is less. The cost could be less depending on how it is officially calculated.

- Approximately $17.2 billion that permits companies to write off current losses against previous tax years for up to five years, but does not apply to those who received aid from the $700 billion financial bailout. Current law only allows a two-year carryback.

- $11 billion in tax incentives aimed at boosting U.S. car sales, which have been plunging. Interest payments on loans would be tax deductible for new cars bought from Nov. 12, 2008, through 2009, as well as state and local sales taxes.

THE HOUSE OF REPRESENTATIVES

* The House passed the Democratic version of the legislation without any support from Republicans. The $819 billion 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.

STILL TO COME

* The Senate will vote around 5:30 p.m. EST (2230 GMT) on Monday whether to end the debate. If there are the necessary 60 votes to force that, the Senate will vote to pass the legislation midday on Tuesday.

* If and when the Senate passes the bill, House and Senate negotiators would meet to work out differences this week.

* Democrats hope final votes on a completed bill would be held quickly, with Obama signing it into law shortly thereafter.