House-Senate Stimulus Bill Reports Out

That was fast, I think that the deal may have been negotiated on the way to the conference room.

Basic changes are (unless otherwise noted, changes are from the House):

• Size, down from the $820 billion (House) to $838 billion (Senate) 50 789 billion.
• Retains the AMT tax cut put in by the Senate. ($70 billion, not stimulative)
• Cuts in grants for broadband build out in rural areas remains, but has been trimmed a bit.
• The Senate tax provisions allowing losses to be carried further forward by businesses was limited to only small (under $5 million/year receipts) businesses.
• The car purchase tax credit, proposed by my Senator^* Barbara Mikulski which would allow consumers to write off interest on auto loans, was shrunk to just cover sales and excise taxes.
• The house flipping tax credits were trimmed. Instead of a $15,000/10% tax credit, the existing $7500 tax credit, which is actually a loan, it has to be repaid over time, was extended a year.
• Thank goodness, the house flipping tax credit was a really bad idea.)
• Individual tax credits were reduced from $500/$1000 per person/couple to $400/$800.
• Grants to state governments and grants for school repairs were trimmed from $95 bllion to $54 billion.
• Extend and increase unemployment benefits.
  

I'm not particularly impressed, but it's better than doing nothing.

^*And I wish that she wasn't.