It appears the federal government and the Obama administration have made construction projects that are near "shovel ready" a top stimulus priority.
To that end the Grand Parkway segment E is a project that seems to fit the governments criteria. Segment E is the portion of the Grand Parkway that would start on the north side of I-10 and stretch about 14 miles...all the way to Hwy 290. Although it appears this would do very little to help ease the congestion on Hwy 290 (which may have the worst traffic problem in Houston) it would open the corridor to Katy from the northern parts of the metro area...including trips for medical treatment and shopping options.
TxDOT has proposed this project be one of 4 they have proposed for our region (along with 14 others proposed by the Transportation Policy Council)
The biggest hurdle left for approval of the project would seem to be the necessary approval of the Army Core of Engineers. This approval is needed for any project that fills in wetlands (a large portion of the project would require this approval).
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