On Wednesday, January 28th, Congress took the first official step towards passing one of the largest stimulus measures in our nation’s history. With a price tag of $819 billion, this bill has the potential for major and long-lasting impact to our economy, but also presents new opportunities for increased capitalization for businesses, nonprofit organizations, school systems, health care providers, and state and local governments. It is estimated that the bill will provide over 100,000 jobs in Minnesota, and three to four million jobs across the country, over the next several years.
The House passed the American Recovery and Reinvestment Act (H.R. 1) by a vote of 244-188, and parallel legislation is slated to be taken up in the Senate early next week. Once the stimulus measure passes the Senate, the bill will return to the House for final vote before heading to the President’s desk. The Obama administration has indicated a hope for final passage of the stimulus package by February 13, 2009.
We will continue to monitor the bill status, as well as any key amendments to the legislation, and provide updates on developments that could impact you or your business.
Key provisions in the House-passed legislation include:
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