Committee for a Responsible Federal Budget

House Passes $154 Billion Jobs Package

Dec 16, 2009

This afternoon, the House passed a $154 billion economic aid package. Below we have listed the major spending areas within the bill:

Spending InitiativeAmount
Highway Infrastructure$28 billion
Other Infrastructure$21 billion
Education Jobs Fund$23 billion
Other Jobs Spending$4 billion
Unemployment Insurance (6 month extension)$41 billion
COBRA Extension (6 month extension)$12 billion
FMAP Extension$24 billion
Other Items$3 billion
Total$154 billion

 Note: Numbers may not add exactly due to rounding.

To help pay for some of these initiatives, Congress and the Administration have both supported rescissions in TARP funds. In all, this bill cuts $75 billion in total TARP funding. As we have noted here, here, and here, using leftover TARP funds to pay for new stimulus spending amounts to a budget gimmick. Policymakers should find genuine offsets, even if these offsets occur in the out-years, to pay for any and all new spending and tax cuts.