FACTBOX - Possible economic stimulus bills in Congress

Sun Nov 2, 2008 9:05pm GMT
 
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(Reuters) - The U.S. Congress might consider new legislation in mid-November to stimulate the economy if leaders decide to hold a short post-election session.

The measure would follow on the $168 billion (104.5 billion pounds) stimulus, mostly tax rebates, that Congress and President George W. Bush enacted early this year.

So far, the Bush administration has been cool to the idea of a second legislative jolt for the economy, but Democrats pushing the idea got a boost on October 20, when Federal Reserve Chairman Ben Bernanke said the concept of a second stimulus plan made sense.

Much depends on the outcome of Tuesday's presidential and congressional elections. If Democrats capture the White House with a win by Sen. Barack Obama and if they pick up a lot of seats in the House of Representatives and Senate, they likely will be emboldened. Further evidence of job losses and a weakening economy also could add support for moving quickly.

If Republicans hold the White House with a win by Sen. John McCain, Democrats in Congress might have a harder time pushing the kind of broad bill they have been discussing.

The following are some of the options and their potential costs.

THE HOUSE PLAN

On September 26, the House easily passed a $60.8 billion bill that focussed largely on infrastructure projects to repair ageing roads and bridges to create new construction jobs. It also would have extended jobless benefits for the long-term unemployed. But a similar measure died in the Senate, amid Republican opposition. House Speaker Nancy Pelosi could try pushing the bill again in mid-November.

MODIFIED HOUSE DEMOCRATS' PLAN  Continued...

 
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