On February 2nd President Obama said there were "very modest differences" with the 2009 stimulus plan which should allow for it to be passed and injected into the economy. The President has urged Congress to act quickly as the financial markets continue to tumble.

The stimulus package passed through the House without a single republican vote and is now in the Senate. Republicans have not been in favor of this package saying it is far too expensive and will put taxpayers into even further debt in the longrun.

With the bill now in the Senate Obama is looking to gain bipartisan support for what he believes is neccesary to help stabalize the economy. Working with Vermont Governor Jim Douglas Obama hopes the republicans can see his bill from a different angle. Senate republicans would like to see more mortgage relief in the bill and additional tax cuts along with the general reduction in the size of the bill itself.

Obama has made two changes to the bill since its inception to help please those who have opposed it. The first change was the removal of $75 million for quit-smoking programs and $400 million to prevent the spread of HIV and other STDs.

What is in Obama's Economic Stimulus Package?

There are three parts of the economic stimulus package; spending, taxes, and businesses. The Spending section of the economic stimulus plan features the following:

• $43 billion - Money for unemployed and financially destitute
• $40 billion - Health Care
• $43 billion - Infrastructure
• $41 billion - Education
• $32 billion - Energy
• $10 billion - Science and Technology
• $13 billion - Housing
• $3.2 billion - Environment
• $4 billion - Law Enforcement

The Taxes section of the economic stimulus plan features the following:

• $145 billion - $500 for each worker and $1000 for each couple tax cut for two years
• $18.3 billion - Greater access to $1000/child per child tax credit for working poor
• $4.7 billion - Increase earned income tax credit
• $10.3 billion - Provide a $2,500 tax credit for college tuition and related expenses for 09 and 10
• $2.6 billion - Do-away with requirement that $7,500 tax credit given to first-time home buyers must be paid back

The Businesses section of the economic stimulus plan features the following:

• $5 billion - Extend provision that allows bussinesses to buy equipment
• $15 billion - Give cash to companies that are losing money
• $7 billion - Repeal Treasury provision regarding purchasing bad banks
• $35.5 billion - Subsidize bonds for school construction, teacher training, etc.
• $13 billion - Extend tax credits for renewable energy
• $4.3 billion - Tax credits to homeowners