Pending legislation that promises economic stimulus is currently under debate in Congress with the hope to pass through both Houses before the new year. The first bill at issue is an extension of the current continuing resolution for appropriations (H.J. Res. 64), which would extend appropriations from December 18 until December 23, 2009. Although under consideration in the House on December 16, no action has been officially taken on the extension.

Another bill of interest is for DOD appropriations (H.R. 3326), which contains a 60-day extension for programs including the Highway Trust Fund obligation authority and contract authority. This extension limits funding to FY 2009 levels, which means that it still factors in the $8.7 billion rescission of contract authority. The House has passed the bill and it is currently under consideration by the Senate.

Finally, Congress is working to pass a $75 billion stimulus package funded through the reductions in the TARP program. This bill contains $48 billion for new infrastructure spending of which approximately $37 billion goes to the Department of Transportation. With similar requirements as the first stimulus package, this funding provides highway and bridges with $27.5 billion and mass transit with $8.4 billion. Amtrak would receive approximately $800 millionfor capital costs. The House passed the bill on December 16 in a vote of 217 to 212. Now, it remains for a conference committee to resolve any differences and deliver the bill for the President’s signature.