A group of Republican U.S. senators on Tuesday offered a $445 billion (308.3 billion pound) alternative plan to boosting the ailing economy, about half of which would be in the form of tax cuts.

The stimulus package would include cutting payroll and income taxes for a year, as well as lowering the 35 percent corporate tax rate to 25 percent and offering home buyers a tax credit worth $15,000 or 10 percent of the purchase price, whichever is less.

Sens. John McCain, John Thune, and Mel Martinez were among the group of lawmakers offering the alternative to the $885 billion package crafted by Democrats who control the Senate.

Here is Senator McCain’s speech on the floor of the U.S. Senate opposing S. 1 is here.

Some highlights:

It is unfortunate that, even in these difficult economic times, Members of Congress could not resist the temptation to load up this bill with hundreds of millions of dollars in unnecessary spending that will do nothing to stimulate the economy.  Here are just a few of the things that have been included under the guise of stimulus:

In The House Bill:

• $400 million for STD prevention;
• $600 million for new cars for the federal government;
• $34 million to remodel the Commerce Department headquarters here in DC;
• $25 million to rehabilitate ATV trails;
• $150 million for honey bee insurance;
• $75 million for smoking cessation, and
• $50 million for the National Endowment for the Arts.

In The Senate Bill:

• $100 million to assist States with aquaculture losses;
• $300 million for diesel emission reduction grants;
• $150 million for facility improvements at Smithsonian museums;
• $198 million for school food service equipment, and
• $2.9 billion for the Weatherization Assistance Program.