Comparing the Stimulus Packages

Yesterday, the Senate passed its version of the American Recovery and Reinvestment Act of 2009 by a vote of 61 to 37. Differences between the House and Senate are being worked out in a conference committee.

In total, the House bill costs roughly $820 billion over ten and a half years, while the Senate bill costs $838 billion. Although similar in size, the two stimulus bills contain
a number of important differences. The Senate version relies more on tax cuts and less on spending than its House counterpart; and money is distributed more quickly.

Compared to the House version, the Senate version has roughly $100 billion less in spending, including around $40 billion less in aid to States, $20 billion less for school construction, and $17 billion less for health insurance for the unemployed. The Senate version also includes well over $100 billion in additional tax cuts, including $70 billion to patch the Alternative Minimum Tax (AMT), $39 billion for a New Homebuyer Tax Credit, and $11 billion for tax incentives to new car buyers, not in the House version.

See full release below.