ARRA

Congress passed the American Recovery & Reinvestment Act of 2009 on February 13, 2009, at the urging of President Obama, who signed it into law only four days later. The Recovery Act was enacted to revive the United States′ economic health, and its three immediate goals are:

  • Create new jobs and save existing ones
  • Spur economic activity and invest in long-term growth
  • Foster unprecedented levels of accountability and transparency in government spending

The Recovery Act plans to achieve these goals by:

  • Providing $288 billion in tax cuts and benefits for millions of working families and businesses
  • Increasing federal funds for education and health care as well as entitlement programs (such as extending unemployment   benefits) by $224 billion
  • Making $285 billion available for federal contracts, grants and loans
  • Requiring recipients of Recovery funds to report quarterly on how they are using the funds

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