The Stimulus Bill Compromise, Sector by Sector 02/13/2009 Compiled by Tom Ichniowski Here is a breakdown of construction-related spending in the $789-billion economic stimulus package, based on a summary released Feb. 12, about 3 p.m., by the House and Senate Appropriations Committees. The committees said that the package, titled the American Recovery and Reinvestment Act, included $311 billion in new federal appropriations, or about 39% of the overall $789-billion measure. ENR estimates the bill's allotment for construction-related spending at $131 billion. A more precise number cannot be determined. Why? First, some capital-spending funding in the bill can be used to
A mammoth economic-stimulus measure has advanced on its long, winding path through Congress, with the Senate’s approval on Feb. 10 of a $838.2-billion package that was pared back from an earlier version. The cuts that were needed to win enough votes to pass the bill included about $27 billion in construction funds. That left the final Senate bill with about $133 billion for construction programs, compared with about $160 billion in the bill as it cleared committee. The major construction casualty came in school-construction aid, where lawmakers deleted all $19.5 billion the original bill had recommended for K-12 and college
Congressional negotiators have struck a deal on a compromise, $787-billion economic-stimulus bill, said Senate Majority Leader Harry Reid (D-Nev.). The measure is smaller than the $819.5-billion package that the House approved on Jan. 28 and the $838-billion measure that the Senate passed Feb. 10. Sen. Collins opposed precedent of funding school construction. Reid said at a Feb. 11 afternoon press conference in the Capitol that differences between the house and senate bills were "resolved." He added, "The bills were really quite similar. And I'm pleased to announce we've been able to bridge those differences." Technically, the deal is not yet
Treasury Secretary Timothy Geithner has unveiled a sweeping plan to loosen up the still-tight credit markets. The plan, announced on Feb. 10, aims to restore lenders’ confidence and make it easier for small businesses, real estate firms and other potential borrowers to obtain loans. “Our plan will help restart the flow of credit, clean up and strengthen our banks and provide critical aid for homeowners and small business,” Geithner said. A key component of the plan is expanding the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF) from $200 billion to as much as $1 trillion. The Fed launched TALF
The Senate has approved an $838.2-billion economic stimulus bill by a 61-37 vote. The margin was slightly higher than the 60-vote minimum needed for approval, as Republicans Susan Collins and Olympia Snowe, both of Maine, and Pennsylvania's Arlen Specter, joined all 58 Democrats to vote for the bill. The Senate package now must be reconciled with the estimated $819.5-billion stimulus measure that the House passed on Jan. 28. The House bill has about $160 billion for construction programs and the Senate's contains about $130 billion. Shortly after the vote the Senate quickly named its representatives to the conference with the
To win over a few key Republican votes, a small group of Senators has recommended about $108 billion in cuts from an economic stimulus package that had grown to more than $900 billion. The major construction program casualty is the original Senate stimulus bill's $19.5 billion for school construction funding, which the team of lawmakers deleted. In all, a team led by Sens. Ben Nelson (D-Neb.) and Susan Collins (R-Maine) trimmed $108 billion from the bill as it was introduced earlier. Cuts in spending accounted for $83 billion of the reductions and $25 billion came from cuts in tax incentives.
In a bid to kick-start its own slowing economy and reverse growing unemployment, the Canadian government will spend $9.5 billion on road, bridge, public transit, water and other infrastructure over the next two years.
Capitol Hill action on an economic stimulus bill has shifted to the Senate floor, where on Feb. 2 debate began on an $884.5-billion package of spending and tax breaks. The measure’s estimated $160 billion in construction-related spending appears safe, and Senate infrastructure advocates are trying to boost that total higher. But they probably will need to propose offsetting spending cuts to win approval for any increases. Related Links: New Stimulus Bills Are Really More Hurt Than Help Sources: House, Senate Appropriations Committees, Congressional Budget Office, ENR *Construction funding estimated The first key floor vote, on Feb. 3, didn’t go well
Roof construction on the $720-million London 2012 Olympic Stadium began in late January when the first section went up. The U.K.’s Olympic Delivery Authority claims to be on track, but the global banking crisis is spoiling its party. The organization can’t secure as much private funding toward the $13.3-billion construction budget as forecast. Photo: ODA Game venues are on schedule but private money is tight for residential village. Game venues in the London Olympic Park are on schedule, says ODA. But funding negotiations with Australia’s Lend Lease Corp. for the public-private Olympic Village "are continuing," says David Higgins, ODA’s chief
A sagging economy dragged down attendance at this year’s World of Concrete, held Feb. 3-6 in Las Vegas. Officials with show manager Hanley Wood Exhibitions would not disclose preregistration numbers but expected a 10% to 20% decline from 2008, which drew roughly 85,000 people. Vendors were less optimistic, saying that 60,000 people, or a 30% decline, was more likely. Booth spaces also shrunk, while some disappeared altogether. Schwing, the show’s largest exhibitor, cut down its footprint by 14%, selling back-aisle space that bifurcated its display of concrete booms, pumps and mixers. Meanwhile, earthmoving equipment makers New Holland and Kobelco pulled
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