Obama's advisers calculated that the stimulus plan would create 3.7 million jobs. Simon Johnson, a former chief economist for the International Monetary Fund, said the projection might be overly optimistic.
"That's not a criticism of the stimulus," said Johnson, who supports it. "It just means you shouldn't expect miracles."
The Congressional Budget Office estimates 1.2 million to 3.6 million jobs created or saved.
Tax cuts
One of the big goals for the stimulus is to get consumers spending again. So the bill tries to put most of the tax cuts in the hands of people who are likely to spend whatever they have - low- and middle-income workers.
This year and next, the stimulus provides a $500 credit for individuals ($1,000 for couples) against their income and payroll taxes. The credit begins shrinking for individuals who make more than $75,000 a year (couples with more than $150,000). Individuals making more than $100,000 a year ($200,000 for couples) would get nothing.
The bill also increases by $7,500 the tax credit for first-time homebuyers, if they make less than $75,000 a year. It provides a new tax credit for up to $2,500 in college tuition and related expense for people earning less than $80,000 a year.
It would temporarily increase the earned income tax credit for the working poor and widen eligibility.
But Edward Leamer, director of the UCLA Anderson Business Forecast, doubts that many consumers will spend the money - given their anxiety over the economy's future. He noted that most of the approximately $96 billion in tax rebate checks sent out as part of last year's economic stimulus - 119 million people got an average of about $800 - was saved or used to pay bills.
Infrastructure
A centerpiece of the House bill is tens of billions for ready-to-go infrastructure projects, from new roads to school repairs. Half of the highway construction must be obligated within 90 days and the other half within 180 days.
In addition to the $30 billion for highway and bridge construction and maintenance, the bill provides $20 billion for school projects, from repairs to such things as installing solar roofs. Among other provisions: $3 billion for airport improvements; $2.5 billion for new commuter or other light rail systems; $2 billion to modernize existing transit systems; $1.1 billion to improve intercity passenger rail service.
