The House stimulus bill is awful. Dangerous. Counter-productive. It has a very high probability of making things worse!. Your man Rahm Emanuel is supposed to be a tough guy: turn him loose on the House Dems - they are selling you down the river.
Some simple tests: the spending will improve long-term productivity; the spending will reduce our dependence on foreign oil, and the spending will happen fast; very, very fast.
There may need to be some legislation to enable spending without years of environmental review. For example, spending on wind farms would improve long-run productivity and reduce dependence on foreign oil. But let's say the wind farm is a couple of miles offshore. You can't have environmental groups stopping the development to see if some fish will be harmed. This spending has to happen now.
And, no tax cuts with the possible exception of AMT. People aren't going to spend any tax savings; they are going to pay their credit card bills or repair their destroyed 401(k) accounts. This economy needs spending in the first half of 2009.
Don't let them off the hook - make them send you a real bill.