Various Agencies
Payroll Tax Holiday
Date:
December 17, 2010
Who:
IRS
Who:
Various Agencies
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$111.65 billion
Deficit Impact:
$111.65 billion The tax cut package included a one-year payroll tax cut of two percentage points on the employee side of the FICA tax, reducing the tax for employees from 6.2 percent to 4.2 percent.
Source:
Notes:
Maximum amount and deficit impact represent the peak and net cost of this provision--which are the same--from 2011-2020.
Housing Support
Who:
Various Agencies
Policy Area:
Sector Policy (Non-Financial)
Economic Target:
Housing
Maximum Amount:
$232.37 billion
Amount Spent:
$14.20 billion
Deficit Impact:
$17.15 billion Beggining in the summer of 2008, the federal government provided support to the housing industry and consumers through a combination of grants, tax breaks, and government guarantees.
Source:
Notes:
Deficit impact based on CBO and JCt estimates of the ten-year budgetary impact of provisions.
Extended Provisions from ARRA and New Stimulus
Who:
Various Agencies
Policy Area:
Fiscal Policy
Maximum Amount:
$409.76 billion
Amount Spent:
$252.09 billion
Deficit Impact:
$165.30 billion Several provisions from the 2009 stimulus bill -- the American Recovery and Reinvestment Act (ARRA) -- have been extended, expanded, and/or modified. And many more are being considered for extension.
Before the passage of the ARRA, CRFB warned that a number of provisions were in danger of being renewed or made permanent, even though they were enacted as temporary measures.
Source:
Multiple Sources.
Notes:
Maximum amount is the peak cumulative cost of a provision over the appropriate ten-year period. Deficit impact represents ten year costs, net of accompanying offsets.
Government Guarantees
Who:
Various Agencies
Maximum Amount:
> $1,799.19 billion
Amount Spent:
$376.32 billion In order to help stabilize asset prices and assuage fears of a financial system meltdown, various government agencies have used asset price guarantees. These programs, meant to secure loans and other public and private assets, include the FDIC Temporary Liquidity Guarantee Program (TLGP), under which the FDIC guarantees unsecured new loans issued by banks, thrifts, and selected holding companies, and the Temporary Corporate Credit Union Liquidity Guarantee Program, which guarantees debt obligations for eligible corporate credit unions.
Source:
Notes:
Housing, Unemployment, Pension, and other Relief
Who:
Various Agencies
Maximum Amount:
$425.23 billion
Amount Spent:
$87.70 billion
Deficit Impact:
$60.81 billion Included in this section are several federal programs, laws, tax breaks, and loan programs designed to provide assistance to corporations, consumers, and manufacturers alike, all of whom have suffered from reduced incomes and/or revenues since the beginning of the economic crisis in 2008. Most notably incorporated in this section are the Cash for Clunkers program, unemployment insurance and trust fund infusions, relaxation of tax rules for mergers, and automaker loans for energy efficiency.
Source:
Notes:
Fannie Mae and Freddie Mac Rescue
Who:
Various Agencies
Maximum Amount:
> $400.00 billion
Amount Spent:
$374.60 billion
Deficit Impact:
$389.00 billion In September of 2008, the GSEs (Government-Sponsored Enterprise) Fannie Mae and Freddie Mac were placed into conservatorship. The Federal Housing Finance Agency (FHFA) oversees the companies, which were merged into a government conservatorship by the Federal Housing Finance Agency until they were deemed stabilized. In addition to the conservatorship, other measures were taken to preserve the institutions. The Treasury purchased $200 billion in stock from government sponsored enterprises on the open market.
Notes:
Amount spent as of 2/25/2011.
2008 Stimulus
Who:
Various Agencies
Maximum Amount:
$157.00 billion
Amount Spent:
$147.00 billion
Deficit Impact:
$114.00 billion In February of 2008, President Bush signed the Economic Stimulus Act of 2008. The bill included a flat refundable tax rebate for most families ($300 to $600 for most individuals), along with corporate tax breaks in the form of bonus depreciation and increased deductability of certain purchases.
Source:
2009 Stimulus (American Recovery and Reinvestment Act)
Who:
Various Agencies
Maximum Amount:
$968.00 billion
Amount Spent:
$762.00 billion
Deficit Impact:
$833.00 billion In February of 2009, President Obama signed the American Recovery and Reinvestment Act of 2009, which included $787 billion of spending and tax cuts over ten years. Among the tax provisions of the bill included a $400 per person "Making Work Pay" tax credit, a patch of the Alternative Minimum Tax, numerous temporary breaks for businesses, an expansion of several tax credits, and a number of provisions to reduce taxation on public bonds.
Notes:
CRFB analysis of the American Recovery and Reinvestment Act here.
Maximum amount is the peak cumulative cost of a provision over the period 2009-2019. Since many of the categories actually recoup some of the outlays and tax cuts in later years, the Maximum Amount column on Stimulus.org often exceeds the Deficit Impact. Deficit impact is taken from CBO's deficit impact calculation for 2009-2019.
CBO orginally estimated that the bill would cost $787 billion over 10 years. However, in the January 2010 baseline, CBO estimated that the total cost of the bill would total $862 billion, after making several upward revisions (including $21 billion more for unemployment insurance, $34 billion more for food stamps, and $26 billion more for the Build America Bond program).
The latest CBO estimate in November 2012 puts the cost of ARRA at $833 billion.
