Obama’s “American Recovery and Reinvestment Bill”

Just in the last few days, House Democrats have been hashing out a bill that is being called the “American Recovery and Reinvestment Bill” to hopefully stop the bleeding of our economy. This $825 billion bill is actually two bills in one. There will be $550 billion in spending that will be handled by the House Appropriations Committee, but the remaining $275 billion will be used for tax breaks.

That’s right! The second half of this bill is said to include some tax breaks for businesses known as a “carryback” but the majority is going to the “Make Work Pay Credit” for low income families to receive another stimulus. (read more on the “Make Work Pay Credit“)
Unfortunately, this won’t happen on Tuesday immediately when Obama is sworn in as President, but let’s hope that we can all see a little relief soon.