Democrats unveil $825 economic stimulus proposal with $132 million in infrastructure spending
The $825 billion economic stimulus proposal that House Democrats unveiled yesterday provides the first firm numbers for construction industry executives.
As drafted, the plan would have a major impact on construction, providing about $132 billion in construction spending, according to Engineering News Record.Construction firms also would benefit from some of the plan’s $275 billion in tax incentives, including an extension of a provision that lets small companies write off equipment and other capital purchase costs in the year they are bought.President-elect Barack Obama’s advisors worked with key lawmakers in designing the proposal and called it “a significant down payment on our most urgent challenges.”
House Speaker Nancy Pelosi (D-Calif.) said party leaders are “excited” about the proposal. But she cautions, “This is the first step along the way.”
Three major House committees will vote on their portions of the legislation next week and a House floor vote should take place the following week, after which the bill will be sent to the Senate.
Source: ENR
