Stimulus.org - Various Agencies

Payroll Tax Holiday

Jason Peuquet — Fri, 07 Jan 2011 16:13:09 +0000

Date:

December 17, 2010

Who:

IRS

Who:

Various Agencies

Policy Area:

Fiscal Policy

Economic Target:

Consumers

Action Type:

Tax Break

Maximum Amount:

111653000000

Deficit Impact:

111653000000

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:

CBO Cost Estimate

Notes:

Maximum amount and deficit impact represent the peak and net cost of this provision--which are the same--from 2011-2020.

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Housing Support

Jason Peuquet — Wed, 11 Nov 2009 22:11:19 +0000

Who:

Various Agencies

Policy Area:

Sector Policy (Non-Financial)

Economic Target:

Housing

Maximum Amount:

232370000000

Amount Spent:

14200000000

Deficit Impact:

17150000000

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.

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Extended Provisions from ARRA and New Stimulus

Jason Peuquet — Mon, 09 Nov 2009 15:26:05 +0000

Who:

Various Agencies

Policy Area:

Fiscal Policy

Maximum Amount:

409760000000

Amount Spent:

252090000000

Deficit Impact:

165300000000

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.

In this category, CRFB will track any extensions of existing stimulus measures, how much they cost, and to what extent they are offset to ensure deficit neutrality. So far, four notable stimulus measures have been extended and/or modified, including rules governing net carryback loss, the homebuyer tax credit, unemployment benefits, and increased Medicaid matching to states.

We will also track any new stimulus measures that have been passed. So far, these include the HIRE Act, the state aid bill, and the small business bill.

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.

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Other Actions

suggp — Thu, 09 Jul 2009 20:09:39 +0000

Who:

Various Agencies

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Government Guarantees

suggp — Thu, 09 Jul 2009 19:38:45 +0000

Who:

Various Agencies

Maximum Amount:

1799190000000

Maximum Amount Special Symbol:

Amount Spent:

376320000000

Deficit Impact Special Symbol:

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.

Also included are a number of other guarantees. The public-private investment fund is made up of the legacy loan program, which uses public financing (via TARP) to help private entities purchase pools of bank loan assets, and the legacy securities program, which will designate five asset managers and employ these managers to raise private capital, buy legacy securities, and expand Term Asset Backed Securities Lending Facility (TALF). The Federal Reserve and FDIC have both set up plans to guarantee the assets of Citigroup and Bank of America, requiring the companies to absorb an initial cost and then splitting the remaining losses 10:90 with the federal government. Other provisions include the guarantees of student loans, corporate credit union shares, money market accounts, and small business loans.

Source:

Notes:

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Housing, Unemployment, Pension, and other Relief

suggp — Thu, 09 Jul 2009 19:35:53 +0000

Who:

Various Agencies

Maximum Amount:

425230000000

Amount Spent:

87700000000

Deficit Impact:

60810000000

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:

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Fannie Mae and Freddie Mac Rescue

suggp — Thu, 09 Jul 2009 19:30:43 +0000

Who:

Various Agencies

Maximum Amount:

400000000000

Maximum Amount Special Symbol:

Amount Spent:

374600000000

Deficit Impact:

389000000000

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. Part of the agreement included an immediate receipt of $1 billion in senior preferred stock from each GSE and warrants to purchase 79.9% of each GSEs' common stock. In total, it is estimated that the government will purchase $50 billion from Freddie Mac and $16 billion from Fannie Mae. Recently, Freddie Mac announced that Charles E. Haldeman Jr., former President and CEO of Putnam Investments would be taking over the company.

In a report in January 2010, the CBO stated that "although it anticipates the mortgage market to eventually normalize, [we] expect the federal government to continue subsidizing that market through Fannie Mae and Freddie Mac..." The CBO also stated that although fees and other income may be sufficient to cover average losses over the coming years, their income will not be enough to offset the full cost of risks associated with mortgage products.

Source:

CBO Report on Budgetary Treatment of Fannie Mae and Freddie Mac, January 2010

Notes:

Amount spent as of 2/25/2011.

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2008 Stimulus

suggp — Thu, 09 Jul 2009 19:24:53 +0000

Who:

Various Agencies

Maximum Amount:

157000000000

Amount Spent:

147000000000

Deficit Impact:

114000000000

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:

2008 Stimulus Facts

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2009 Stimulus (American Recovery and Reinvestment Act)

suggp — Thu, 09 Jul 2009 19:21:27 +0000

American Recovery and Reinvestment Act

Who:

Various Agencies

Maximum Amount:

968000000000

Amount Spent:

762000000000

Deficit Impact:

833000000000

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. Among the spending provisions included considerable infrastructure investment (especially for "green investments"), an expansion of unemployment benefits and food stamps (SNAP), subsidies for individuals to purchase health insurance after they have lost their jobs, considerable aid to states -- especially through Medicaid and Education spending, and other provisions.

Source:

Recovery.gov

CBO Estimate of Final Bill

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.

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