American Recovery and Reinvestment Act
On January 15, House Appropriations Committee Chair David Obey (D-WI) released a draft summary of the American Recovery and Reinvestment Act of 2009, a $550 billion spending plan intended to stimulate the American economy and create jobs by investing in clean energy, education and infrastructure. The bill provides $77 billion in spending for in renewable energy technologies, smarter transmission grids, public building energy efficiency retrofits, efficiency research and support, and home weatherizations - investments that Christina Romer and Jared Bernstein of the Obama economic team have estimated could result in 459,000 direct and indirect jobs by the end of 2010. A companion measure with at least $275 billion in tax cuts, introduced by House Ways and Means Committee Chair Charles Rangel (D-NY), is designed to spur business investments and increase household income, and includes tax credits for renewable energy production and energy efficiency and conservation tax incentives. It is expected to have a hearing in January.