Although today's House and Senate conference meeting on the final economic stimulus package containing $789 billion in spending and tax breaks was postponed until further notice, additional details on the legislation have emerged.

At presstime, the final bill included $150 billion in total infrastructure spending for roads, bridges, environmental initiatives, medical facilities, and broadband investments. States would receive $54 billion in federal assistance aimed primarily at offsetting shortfalls in their coffers, and tax relief provisions represented roughly $276 billion.

"I'm sure this [bill] is going to be criticized," acknowledged House Appropriations Committee Chairman Dave Obey (D-WI), referring to the size of the package, but added that the legislation is not as large as the nation's economic problems.

Most Republican conferees took the opportunity not to criticize the bill's price tag during today's House-Senate meeting, but to argue that it had been drafted behind closed doors and rushed through the legislative process.

"I can't support the conference report," announced Senate Appropriations Ranking Member Thad Cochran (R-MS). "I wish I could."

It looks as if negotiators had not finalized some controversial provisions prior to the conference meeting, including "Buy American" language, and the reason for the meeting's abrupt halt without a vote on the bill. The House- and Senate-passed versions prohibited the use of stimulus funding to purchase foreign made steel, but the Senate added language via a floor amendment clarifying that the prohibition cannot violate existing trade agreements. There is also talk that the spending distributions for aid to states was a sticking point.

At the time conferees began debating the stimulus agreement (around 5:40 PM), the bill contained $450 million for Amtrak, $1.5 billion in discretionary grants for a new program dubbed the National Surface Transportation System, and a 12-month extension of the alternative minimum tax "patch" estimated to cost $70 billion.

Negotiators were expected to cut the Senate-passed $15,000 tax credit for homebuyers and tax incentives for new car buyers, although we could not confirm this at presstime. Other decisions included a reduction in the "making work pay" tax credit from $500 for individuals/$1,000 for married couples filing jointly to $400 for individuals/$800 for couples filing jointly, and providing $6 billion for school construction projects.

Additional changes are possible prior to a formal vote on the conference report as the situation remains in flux.