So, I guess the only thing that applies to me is a small tax credit. (Knock on wood that the unemployment stuff won't apply to me.)

I wonder what "energy-efficient doodads" are?

Shoot.

I bought a home in November of last year (and didn't qualify for the tax credit then, bet I won't qualify for this one either).

@balthisar:
I'd imagine pretty much any appliance with an energy star certification would qualify.

Woot on the tax credit for first time homebuyers.. I've been holding out for that one. The 7500 that had to be paid back wasn't getting me too excited, but 8k of free money from uncle sam for a down payment would definitely entice me to buy soon.

i think i'm at a shade under the $4k on college costs. is that out of pocket, or including loans?

also, does that start applying to this year's tax return, or will this all be next year? hmm. do want stimulus.

WOO-FREAKING-HOO!!!

An entire 13 bucks EXTRA per paycheck...well slap me silly and call me susan....I just cant wait for that to start making a difference in my life....imagine...26 bucks extra in just one month! That's about 1 fill up of 87 grade gas if the cost of gas doesnt keep on climbing.

Geeeee! Thanks a lot uncle sam!!!

*insert sarcasm*

@katieoh: Out of pocket-not including loans, sadly. I'm pretty sure it doesn't start until next year, but there are other smaller credits you may qualify for now (HOPE credit et. al.)

Note: I am not a CPA.

Wow, what are YOU going to do with your extra $13 a week? That's about the price of a 12 pack of Mike's Hard Lemonade or a 750ml bottle of Vodka. I guess I'll drink my way through the recession.

There's absolutely nothing else that applies to me personally. I'm looking at buying a car at the end of 2009, but I already live in a state with no sales tax.

Thanks for nothing. It doesn't look like I'm going to be doing much economy stimulating of the economy.

@ceez: $13/paycheck and debt for our grandchildren's children to pay off. Whooo!

You forgot the massive inflation and extension of the depression for years to come.

I spent most of yesterday reading through it. In it is also extra funding for states vocational training programs. I guess that's going to be needed for all those office dwellers getting laid off that will now have to put on a hard hat and build roads.

@ceez:
"$13 bump in weekly paychecks starting in June"
Multiply that by 4, you get 52 dollars a month =D

To some that isn't worth jack, but if you're a full time student, and a full time employee it makes a significant difference in how much you're am able to spend each month.

Yeah, the only thing I think I'm going to see out of the bill is an extra $13 per check. Whup-de-do.

So if you divide the cost of the package by the population of the us, it's essentially $2,590 per person. Not a good return on my investment.

@Chris Yantis: Are those students and people the ones who will be getting the economy back running again with their $13 a check?

Unless your pay is under a few hundred a check, I doubt you will even be noticing that money.

"If you add energy-efficient doodads to your home this year, you can get a tax credit to cover 30% of the costs, up to $1500."

WOOT! I just bought a new washer & dryer and opted for the super energy efficient models. YAAAY!! 30% of what I paid for them isn't much though, but it helps!

@rtmccormick: Yeah, same - but I'm locked into a lease until December.

Funny how they can hand $700 Billion over to banks within a few short days, without any oversight, but it took 2 weeks or so and many revisions to pass this gem.

I dont think my extra $13/wk is going to stimulate anything except big oil's bottom line.

Wouldnt it make more sense to offer a 1x refi opportunity at a low fixed rate..4-4.5% for people who already own and extend it to people who want to buy. If someone has a $200k loan at 7% it cost a little over $1300/mo....drop that rate to 4.5% and the payment drops to a little over $1000/mo...that's an extra $300 a month each household could spend to get the economy moving again.
It wouldnt cost taxpayers anything! It would cost the banks who started this mess some money in interest earned over the life of the loan but believe me they are still making a ton in interest off the loan anyway.

I am trying to understand this.

The person who buys a house 1/1/2009 gets an option of a $7500 interest-free loan or a $8000 tax credit or possibly both?

The person who bought before that get a $7500 interest-free loan?

This is a nice write-up. Thanks for posting it, Walt.

$13 per pay and a mortgage on my future childrens' future! W00T!!!

@joellevand: Wow, that's a grossly misused apostrophe. YOU SUCK, joellevand!!!

Thanks for presenting the facts instead of the runaround and talking points being force fed over the last few weeks.

I really want to buy my first home in this bad economy, I cant imagine a better time as my fiancee and I are both starting to work full time for decent pay. I just dont have a downpayment ready and dont know a way to do it.. hope we can figure something out before the market starts heading back up again

@rtmccormick: Nope. Some water heaters, some heat pumps, some whole house fans. Big built in things, not stoves and refrigerators.

At least as far as it said five days ago.

I have no health insurance, and because I lost my job 1 day before Sep 1st, I still can't afford it.

@katieoh: It includes loans since loans are 'out of pocket'. It does not include grants or scholarships.

You have to pay the loans back so you technically it is your money.

@Skipjim: If you bought a home in November 2008, you should qualify for the tax credit. It counted from like July 1, 2008 into 2009.

My question is whether they modified the 2008 credit so it doesn't have to be repaid. I bought mine last July so got the credit, but it would suck to have to repay mine if this year's buyers don't. "I'm sorry, you stimulated the economy in the wrong year...give us back the dough."

I'd like a show of hands of the number of Americans positively impacted by these measures, versus the Republican version*. At 1/2 or 1/3 the cost of the Bush tax cuts. C'mon, America, raise those hands!

* Although, I was able to take advantage of the Throw Grandma From the Train Act, rescinding Estate Taxes for one year. But like most of these GOP tax dodges, I'd have ended up throwing her from the train anyway. Goodbye, lousy-cookie-maker, goodbye!**

** Don't worry: Grams don't read Consumerist. I hope. (gulp)

Does anyone know more specifics on "energy-efficient doodads?" Can I write off CF bulbs or does it need to be more substantial?

@rtmccormick:

how are you getting 8000 dollars for a down payment? You have to BUY the house first, THEN you get a tax credit. You still need to come up with cash for your down payment.

So I need to get fired, take a pay cut, have kids and the more the better......

How is this plan going to help?

@krispykrink: I would love to see all my coworkers put on a hard hat and have to do manual labor once in their life.

@joellevand: Well, if you get (cough) busy, biology can correct what grammar can't.

I find it interesting that most people are concerned with what's in it for them rather than how this alleged stimulus is supposed to work.

@rtmccormick: hold on there! its only $8000 if youre buying an $800000 house. you get 10% of the purchase price UP TO $8000. its stupid.

@catskyfire: You and I are both in the same boat and will get a 7500 tax credit that must be repaid in 500 increments. Just how the cookie crumbles...It's still an interest free loan.

Huge debt that our children will have to pay off. Huge special interest spending (payoff) to Obama supporters like Acorn. Over $500,000 per created job, mostly minimum wage. Tons of pork barrel spending on projects not really needed at this time or have NOTHING to do with the economy. Yeah, great job there prez.

Here is a little factoid for you MR. Obama. The New Deal did NOT get us out of the Great Depression. It just prolonged it and made it worse. WWII ended it.

Kinda like a dumb kid's first credit card. Spend up the wazoo money not yet earned on crap. Then when it comes time to pay the bill......whoops, its ok we can just put it on another credit card, right?

Can a country file for bankruptcy? If not can we just impeach him now and get it over with before he screws things up worse (AKA the upcoming "fairness" act that silences free speech.)

@danger the pirate ★ finally got rid of the long name: 10% of $80,000, not $800,000, is $8,000 ;-)

@cmdrsass:

I have the "what's in it for me" attitude for reasons:

1st - I did everything right, I worked hard, I saved up, and I watch my property decline in value every minute. I had no intention of flipping this house and I planned to live here for 5-10 years but it is going to suck when I spend 5-10 years just to break even.

As I continue to pay my mortgage I only "crawl" my way out of debt. No one is helping me out from being underwater. No one is helping get me a lower rate. Now, had I missed three payments that'd be different.

2nd - I don't know if this bill will be enough or even the right actions to really jump start the economy. At this point they're firing a shotgun blindly hoping to get something that sticks. If they're gonna do that, I sure hope that I at least get something from it.

So yes, I ask, where's mine? I play the game, I work hard, I pay my taxes, I save. I'm tired of seeing the bum up the street with his eight kids get the money cause he makes bad choices. I think there's a time when the prodigal son gets cut off.

6.2% capped at $400 does not sound right. That means you already hit the cap earning less than $6500, not $65000. Someone's slipped a decimal, I suspect; I can find plenty of confirmation on the $400, but the NYT is the only source I can find for the 6.2%, so that's probably incorrect...

I'm spending my extra $13 on lottery tickets. I'm bound to hit a winner over the next 12 months. Of course by then, the dollar will be worth about eight pesos, but I'll have millions of them!

@danger the pirate ★ finally got rid of the long name: Agreed, this Obamaniac is going to be quite disappointed when he finds out the media has been pulling the wool over his eyes and ends up with $1000 or less. If he like other overexcited people can afford the down payment first that is.

@feckingmorons: Really? Looks like I need to haul down to the bursar's office then. My apologies for my mis-informed earlier post.

@Oranges w/ Cheese: I don't think those count. I think it means stuff like heat pumps, water heaters, etc. "Installed" stuff. I'm not sure though.

@ceez: That's $13 per "weekly paycheck", meaning over $52 per month. Still not all that thrilling...

So basically bupkes. It would be more stimulating and more kosher (i.e. no pork) if they just cut everyone a check for a couple of grand. That would really stimulate things unlike this massive piece of pork.

Let's not forget that this is only one part of the program. The other, more substantial part, puts money into programs and industries so they will have business, and can subsequently hire people. That's the big difference between this plan and the Republican plan - the Republican plan was intended to be a one-time shot in the arm, so to speak, and this one is more complex. Who knows, honestly, which would have worked better, or if either will work... but I think it's an honest effort with a lot of good forethought, and I'm a little tired of everyone complaining about it.

@danger the pirate ★ finally got rid of the long name: Double-check your math. You'll get the $8,000 tax credit as long as the purchase price of the house exceeds $80,000, which should benefit a ton of folks.

@evilhapposai: Is this satire? If so, it's pretty good. You've mentioned just about every single Republican talking point, and I swear, it's almost like you actually believe them.

Less than a month into the presidency and already calling for impeachment! Is that a record?