The Senate begins debate today on H.R. 1, the American Recovery and Reinvestment Act. The Senate version includes $522 billion in tax cuts, including a one-year patch for the Alternative Minimum Tax, and $365 billion in targeted spending.
Read more from CAP on recovery and reinvestment:
Background brief: Recovery and Reinvestment 101
Interactive Maps: Recovery Beyond the Beltway
Infographic: The Stimulus: Four Reasons We Can’t Afford Not to Have One
Interactive: Design Your Own Stimulus Package
The House will take up the Senate-amended version of H.R. 2, the Children’s Health Insurance Program Reauthorization Act. The measure will reauthorize the State Children’s Health Insurance Program, or SCHIP, for four and a half years at a cost of $32.8 billion, expanding the number of children covered by the program by 4 million. The House is expected to clear H.R.2 without amendments, sending the measure to President Obama.
Read more about SCHIP from CAP:
Column: Putting Children’s Health Before Ideology
By the Numbers: Long Overdue for Children’s Health Insurance
Book: The Health Care Delivery System: A Blueprint for Reform
Housing and finance
This week, Congress will hold several hearings concerning the financial markets and the housing crisis. On Tuesday, the House Financial Services Committee will hold a hearing entitled, “Promoting Bank Liquidity and Lending Through Deposit Insurance, Hope for Homeowners, and other Enhancements.” A full committee markup of related legislation is expected on Wednesday.
On Thursday, the Senate Banking Committee will hold a hearing focusing on oversight of the Troubled Assets Relief Program.
Learn more about housing from CAP:
Interactive Map: Helping States Deal with Foreclosures
Column: Time to Quarantine the Foreclosure Epidemic
The House is scheduled to consider a consolidated appropriations bill incorporating nine separate spending bills for fiscal year 2009. Last year, Congress passed three individual appropriations bills: Defense, Military Construction and Veterans Affairs, and Homeland Security, as well as a continuing resolution funding the remaining federal government programs until March 6. The consolidated bill completes the fiscal year 2009 funding for the remaining nine appropriations bills.
More on appropriations:
Column: Stimulative Action
Interactive: Design Your Own Defense Budget