The Congressional Budget Office has cast serious doubts on the original legislation from the House. At this time, the compromise doesn't appear to be much different (just a slightly smaller price tag) and should raise similar concerns.
Too much of this (spending and tax cuts) is still spread over too long a period of time to be considered stimulus. There are plenty of sacred cows, pork, and fat, remaining that need cleaved.
"The tax provisions included in 'The American Recovery and Reinvestment Plan' will provide $275 billion of tax relief for individuals, businesses, and State and local governments" according to the Senate Finance Committee website.
Spending and a couple tax cut highlights From Senator Ben Nelson's website:
Some highlights of the Nelson-Collins agreement include:
$7 billion in rural broadband infrastructure
$1.87 billion for Community Health Center infrastructure
$64.4 billion for our nation’s K-12 educational system
$19 billion for a 10% non-refundable tax credit (capped at $15,000) for any home purchase
$6.4 billion for a down payment on the Energy Superhighway and a Smart Grid
$9.6 billion renewable energy investments
$250 million in rural renewable energy Investments
$42 billion in transportation infrastructure investments
$6.4 billion for environmental infrastructure including water and sewer infrastructure
$87 billion in temporary and targeted Medicaid relief to states
$70 billion for a one year fix for the Alternative Minimum Tax
$13.9 billion more for Pell Grants to help thousands of college students pay for increases in college costs.
$13 billion more for Special Education/IDEA to improve education for disabled children
$3.5 billion for law enforcement, including $1.2 billion for popular Byrne grants for drug task forces.
From Glenn Thrushes blog at the Politico, a list of what was reduced, not necessarily cut:
$40 billion State Fiscal Stabilization
$16 billion School Construction
$1.25 billion project-based rental
$2.25 Neighborhood Stabilization (Eliminate)
$1.2 billion in Retrofiting Project 8 Housing
$7.5 billion of State Incentive Grants $3.5 billion Higher Ed Construction
(Eliminated)$100 million FSA modernization
$50 million CSERES Research
$65 million Watershed Rehab
$30 million SD Salaries
$100 million Distance Learning
$98 million School Nutrition
$50 million aquaculture
$2 billion broadband
$1 billion Head Start/Early Start
$5.8 billion Health Prevention Activity
.$2 billion HIT Grants
$1 billion Energy Loan Guarantees
$4.5 billion GSA
$3.5 billion Federal Bldgs Greening
He has more.