Today, the Committee on Appropriations released a summary of the American Recovery and Reinvestment Bill of 2009 which will be under consideration by Congress within the next two weeks. The fiscal stimulus package, which was released last week and was also the subject of President-elect Barack Obama’s speech delivered at George Mason University, will “include $275 billion in economic recovery tax cuts and $550 billion in thoughtful and carefully targeted priority investments with unprecedented accountability measures built in.”

The framework of the package will target “investments in key areas that will create and preserve jobs” while strengthening the economy. Certain key measures included in the Bill will focus on the following:

  • promoting clean and efficient energy by “strengthen[ing] efforts directed at doubling renewable energy production and renovate public buildings to make them more energy efficient”;
  • transforming the U.S. economy by investing in science and new technologies;
  • modernizing roads, bridges, transit and waterways by “engage[ing] contractors across the nation to create jobs” rebuilding major systems of transit;
  • investing over $140 billion into the U.S. education system;
  • granting “direct tax relief to 95 percent of American workers”;
  • lowering healthcare related costs by introducing health information technology “to prevent medical mistakes” and preventative care programs;
  • assisting the unemployed by introducing job training programs and increasing social welfare programs; and
  • saving public sector jobs and protecting vital services by “provid[ing] relief to states, so they can continue to employ teaches, firefighters and police officers and provide vital services without having to unnecessarily raise middle class taxes.”

The Appropriations Committee stated that it would take up the bill next week. On Tuesday, Federal Reserve Chairman Bernanke warned the incoming Administration and Congress that the adoption of a fiscal stimulus package will not likely promote recovery unless coupled with strong fiscal measures designed to “stabilize and strengthen the finical system.”