Move Over, FDR

The final version of the Economic Recovery and Reinvestment Act restored some of the programs cut in the Senate version, while compromising on the size of tax cuts. Most of the tax cuts go to lower and middle income Americans, as President Obama promised in his campaign. Tax relief should amount to about $280 billion.

Both houses of Congress passed the bill, and President Obama will sign it on Tuesday in Denver. Said the Washington Post: "Twenty-four days into his presidency, Barack Obama recorded last night a legislative achievement of the sort that few of his predecessors achieved at any point in their tenure."

In size and scope, there is almost nothing in history to rival the economic stimulus legislation that Obama shepherded through Congress in just over three weeks... The feat compares only with President Franklin D. Roosevelt's banking system overhaul in 1933, which cleared Congress within days of his inauguration."

While Republicans continue to lie about what's in the Act, here is Sam Stein's rundown of its most important provisions:

$7.2 billion to "increase broadband access and usage in unserved and underserved areas of the Nation."

• $16.4 for transit projects and high-speed rail: this not as much as mass-transit advocates wanted (and the total includes grants to states). But it's an important step forward on this front.

• $6 billion "for local clean and drinking water infrastructure improvements." Not only will this promote better health, it will, House Democrats say, create hundreds of thousands of jobs.

• $15.6 billion to "increase the maximum Pell Grant by $500." Education staffers on the Hill insist this will do wonders in getting lower-income children into upper-level schools. Seven million students, they say, will be helped in their pursuit of higher education.

• $3.95 billion for job training. Much of this money will be funneled through the states. The funds will not only get people to work, but create the foundation for emerging industries and companies to blossom.

• $4.5 billion to repair federal buildings and increase energy efficiency. Think short-term jobs and long-term energy cost savings.

• $2 billion in "grant funding for the manufacturing of advanced batteries systems and components and vehicle batteries that are produced in the United States." This could help the U.S. regain supremacy in the car wars.

• $11 billion for "smart-grid related activities, including work to modernize the electric grid."

• $2 billion to provide quality child care services. More parents will be able to go to work as the cost of childcare falls.

• $29 billion for highways. The one area of agreement between Republicans and Democrats: infrastructure is the quickest way to get job growth immediately.

• Tax credits "for families that purchase plug-in hybrid vehicles." This could grow up to $7,500.

• $20 billion in tax incentives to spur the use of renewable energy over the next 10 years.

• $3 billion for the National Science Foundation. This stems from an Obama campaign promise to not leave science neglected. The money will provide for "basic research in fundamental science and engineering -- which spurs discovery and innovation."

• $19 billion to accelerate adoption of Health Information Technology (HIT). Another Obama pet-project, this will modernize health care and help save billions of dollars for hospitals.

• $10 billion to "conduct biomedical research in areas such as cancer, Alzheimer's, heart disease and stem cells, and to improve NIH facilities."

Each of these items spurs job creation, saves money, or both. Taken as a whole, they represent an entirely new socioeconomic ethos among the powers that be in Washington."

A more detailed look by the New York Times indicates the Act also includes more help for the hardest hit: more food stamps, unemployment benefits and Social Security money. There's a "huge infusion" of money for Medicaid, which should also help state budgets. There's money for Head Start and other pre-school programs, as well as aid to education all the way through the Pell Grants for college students.

There is even a pretty tough limit on CEO pay for Wall Street and banks.