FACTBOX-Economic stimulus bill moves through US Congress

Feb 8 - 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 Feb. 16.

Here is the status of the roughly $827 billion measure being debated in the Senate and also the $819 billion version passed in the House of Representatives. [ID:nN05403943]

Both are controversial and aim to jump-start an economy that has been in recession since December 2007:

THE SENATE

* The Senate was trying to wrap up debate on a bill now totaling approximately $827 billion, lower than the $937 billion pricetag the package had ballooned to. The price could drop a few billion dollars depending on how one provision for a homebuyers' tax credit is calculated. The total does not include government interest payments on the borrowed money.

* Here are some of the bigger reductions agreed to between 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 funds items like 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.

- Up to $35.5 billion for expanding for one year a tax credit for first-time home buyers 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.

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

- 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.

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 on Monday at approximately 5:30 p.m. EST (2230 GMT) on a motion to end debate. A vote to pass the legislation is tentatively scheduled for midday on Tuesday.

* If and when the Senate votes, 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.