President Barack Obama is to give a $4 billion stimulus package Monday that will give companies and small business owners a boost in the first quarter of 2018.
The package includes more than $4 trillion in stimulus dollars, including $500 billion for infrastructure, $100 billion for manufacturing and $50 billion for energy and energy efficiency.
The stimulus package also includes $2.5 billion in unemployment benefits for people seeking work.
It is expected to provide about 700,000 jobs, and $600 billion in spending, a level not seen since the 1980s, said Matt Crampton, a senior fellow at the liberal Center on Budget and Policy Priorities.
But he cautioned that it could take several months for the stimulus package, as Congress tries to reach a deal on how to spend the money.
“The first quarter is going to be critical,” Cramton said.
“It’s a big lift for companies and jobs.
I’m sure that’s going to come in the next couple of months.”
The White House estimates that the stimulus will spur an additional 740,000 new jobs in 2018, including 300,000 full-time jobs.
It also says that companies will see a 20% boost in hiring.
The bill is expected at a markup on Capitol Hill on Monday.
The legislation is being developed by the White House Office of Management and Budget and Congress, and it will likely be approved by both chambers of Congress.
It would provide a $2,500 tax credit to businesses that buy energy efficiency and other equipment.
Obama will also give $3.1 billion in funding for community college tuition assistance for low-income students.
The White Houses budget office has estimated that the new tax credit will boost college enrollment by about 2 million students.
And Obama is expected today to announce $400 million for a National Institutes of Health research center, the largest in the world, in the form of a $500 million investment in the research program.
The National Institutes for Health is a nonprofit organization established in 1945 to promote biomedical research and development.
It provides grants to universities and research centers around the world.
Obama is also expected to announce more than a dozen new regulations that will be finalized in the coming months to help reduce air pollution and prevent the spread of diseases.
And he is expected this week to announce a $25 billion stimulus for the construction of the Keystone XL pipeline.
“We can’t get back to the days of this great recession,” Cramspton said.