Final Stimulus Bill May Look Leaner In The End

The U.S. Senate and House of Representatives must resolve differences in their respective economic stimulus bills so they can produce a final version to send to President Barack Obama to sign into law.

Here's the latest on the bill from the House and Senate what might be in it:

—The Senate was in its fifth day of debate Friday of a bill now totaling about $937 billion, not counting government interest payments on the borrowed money. The funds would be spent this way, although major changes are possible:

—$365.6 billion for construction projects, to improve the healthcare system and other priorities. The spending is similar to the House bill's.

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—$522 billion in tax cuts and other spending provisions on programs like health care and grants to states. It also includes a one-year fix of 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.

—Approximately $35.5 billion for expanding for one year an existing $7,500 tax credit for first-time home buyers to all purchasers of principal residences. And it would boost the credit as high as $15,000, or 10 percent of the home price, whichever is less.

—$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.

The House Version

—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

—Before trying to pass the bill, the Senate will wade through more amendments, including efforts to cut Democrats' spending provisions. Instead, Republicans want to focus on a series of tax breaks.

—Obama is consulting with Democratic and Republican senators, but has urged that lawmakers to quickly wrap up their negotiations and present him with a package to sign.

—Senate leaders are hoping to pass their version of the bill this week. If and when that happens, House and Senate negotiators would meet to work out differences next week.

—Democrats hope final votes on the completed bill would be held next week, with Obama signing it into law promptly.

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