What will be in the Final Stimuls Bill? Here it is

WASHINGTON (MarketWatch) -- U.S. lawmakers will vote soon on the compromise version of economic-stimulus legislation that President Barack Obama says will create or save 3.5 million jobs.

Obama wants to quickly sign the legislation into law. The House and Senate are expected to vote on final passage before the long Presidents Day weekend. See full story.

Here are some of the major features of the bill, which carries an overall cost of $789.5 billion.

Tax cuts

• Reductions will total $282 billion, including payroll-tax credits of $400 for individuals and $800 for couples.
• About $70 billion has been earmarked to shield middle- and upper-income taxpayers from the alternative minimum tax.
• About $20 billion in renewable energy-tax incentives.

Government spending

• Outlays will total $507 billion in spending including:
  $53.6 billion to help states avoid budget cuts.
  $87 billion to help states pay for Medicaid.
  $30 billion for a new power grid, battery technology and energy efficiency.
  
• The legislation also would continue extended unemployment benefits through December 2009 and would increase food-stamp benefits by more than 13%.

Robert Schroeder is a reporter for MarketWatch in Washington.

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