Stimulus plan

President-elect Barack Obama had been hoping to have an economic stimulus package on his Oval Office desk ready for his signature when he takes office later this month. But that is not likely to happen, even as he stumps the country with predictions of dire economic consequences without swift action.

Now it could be mid-February before Congress finalizes a package that could reach $775 billion in spending and tax cuts. The president-elect's plan calls for about $300 billion in tax cuts or refunds for individuals and businesses with spending on infrastructure and alternative energy to create jobs and boost the economy.

However, Mr. Obama's tax proposals are facing opposition from senators, even within his own party, who question the value of the cuts.

Sen. John Kerry, D-Mass., would rather spend the money on infrastructure and other direct investments to create jobs. Sen. Ron Wyden, D-Ore., questioned whether the $500 tax cut for individuals and $1,000 for couples would lead to increased consumer spending when spread out over a year.

That has given rise to talk about increasing the amount of the tax cut, which could fuel opposition to the plan.

The stimulus package would also be subject to hearings, but they would be difficult to conduct with merely the general outlines of a plan and without specifics before Mr. Obama takes office.

And individual members of Congress can be expected to put their mark on the legislation with their own spending and policy preferences. Then there is the question of how billions of dollars of infrastructure spending will be divvied up and allocated, particularly with pledges from Mr. Obama and Vice President-elect Joe Biden that it will not contain earmarks or pork-barrel spending, a promise that will be difficult to keep with thousands and thousands of projects being funded.

"Everybody wants a piece of the pie," said Rep. Gene Green, D-Texas. "There are 535 of us who want control of the knife."

House Minority Leader John Boehner, R-Ohio, has handed out several pages of quotes from economists critical of the plan.

President-elect Obama has also pledged "new higher standards of accountability, transparency and oversight" on use of the stimulus funds. Similar promises were made during negotiations for the $700 billion Troubled Asset Relief Program, but details have proven hard to get either from the Treasury which dispenses the funds or from recipients.

Sen. Max Baucus, D-Mont., who chairs the Finance Committee, hopes to have a vote on the plan in about two weeks, but he noted that there are still a lot of questions about the plan. Given the scope of the package, the questions need to be answered and details understood soon rather than when it is too late after the package is approved.