american recovery and reinvestment act of 2009{ keyword }

[23] Specter switched to the Democratic Party later in the year. House $13 billion to extend tax credits for renewable energy production. Although Democrats and Republicans disagreed over the effects of the stimulus (some Republicans charged that the stimulus created no jobs), the nonpartisan Congressional Budget Office estimated 30 months after the stimulus was passed that the number of people employed had increased by between 1 million and 2.9 million as a result of the law. [21] On February 10, the Senate voted 6137 (with one not voting)[22] The sum of outlays and tax cuts up to this point was $666 billion. Use the up and down arrows to navigate this combo box. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners. Individuals making more than $75,000 and couples making more than $150,000 would receive reduced amounts. The American Recovery and Reinvestment Act of 2009 (Recovery Act) - which President Obama signed into law on February 17th, 2009 - was an unprecedented action to stimulate the economy. Barack Obama in 2009, that was designed to stimulate the U.S. economy by saving jobs jeopardized by the Great Recession of 200809 and creating new jobs. The same article also stated, "Unlike the government site, the privately run Recovery.org is actually providing detailed information about how the $787 billion in stimulus money is being spent. [97] Economist Dan Wilson of the Federal Reserve, who used similar methodology, without the same identified errors, estimates that "ARRA spending created or saved about 2 million jobs in its first year and over 3 million by March 2011. The Department of Veterans Affairs will be using the web for transparency and reporting that is required for compliance with the Recovery Act. In conjunction with the Broadband Technology Opportunities Program established by the Act, the FCC worked in coordination with the NTIA to create the National Broadband Plan, to ensure all people of the United States have access to broadband capability and establish benchmarks for meeting that goal. L. No. You are authorized and directed to publish this memorandum in the Federal Register. "[91] Others argue that job losses always grow early in a recession and naturally slow down with or without government stimulus spending, and that the OFA chart was misleading. [73], On February 8, 2009, a letter to Congress signed by about 200 economists in favor of the stimulus, written by the Center for American Progress Action Fund, said that Obama's plan "proposes important investments that can start to overcome the nation's damaging loss of jobs", and would "put the United States back onto a sustainable long-term-growth path". [120], In May 2016, the chairman of the U.S. Senate Finance Committee, Senator Orrin Hatch (R-UT), launched the first steps of an investigation into a part of the stimulus law that gave grants to solar and green energy companies. The change eliminates the floor, meaning more workers who pay no federal income taxes could receive checks. 1, was introduced on January 26, 2009. [96] Economists Timothy Conley of the University of Western Ontario and Bill Dupor of the Ohio State University found that while the stimulus' effects on public sector job creation were unambiguously positive, the effects on private sector job creation were ambiguous. Recovery Act (2009) | GRANTS.GOV No. Developed in response to the Great Recession, the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. 1] 1. A Look Back At How Joe Biden Managed The 2009 Stimulus Package $787 stimulus package close to done deal - Feb. 13, 2009 - CNN Business $15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes). Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth. Now, let VA serve you. The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub.L. Feb. 17, 2009 [H.R. $25.1 billion to provide a 65% subsidy of health care insurance premiums for the unemployed under the, $10 billion for health research and construction of National Institutes of Health facilities, $1.3 billion for construction of military hospitals, $1.1 billion to study the comparative effectiveness of healthcare treatments, $300 million to train healthcare workers in the, $202 million for a temporary moratorium for certain Medicare regulations, $53.6 billion in aid to local school districts to prevent layoffs and cutbacks, with flexibility to use the funds for school modernization and repair (State Fiscal Stabilization Fund), $13 billion for low-income public schoolchildren, $300 million for increased teacher salaries, $250 million for states to analyze student performance, $200 million to support working college students, $70 million for the education of homeless children, $40 billion to provide extended unemployment benefits through December 31, and increase them by $25 a week, $14.2 billion to give one-time $250 payments to, $3.2 billion in temporary welfare payments (TANF and WIC), $500 million for vocational training for the disabled, $120 million for subsidized community service jobs for older Americans, $100 million for meals programs for seniors, such as, $27.5 billion for highway and bridge construction projects, $8 billion for intercity passenger rail projects and rail congestion grants, with priority for, $6.9 billion for new equipment for public transportation projects (, $1.5 billion for national surface transportation discretionary grants, $1.1 billion in grants for airport improvements. 1. [24], Senate Republicans forced a near unprecedented level of changes (near $150 billion) in the House bill, which had more closely followed the Obama plan. During the recession the U.S. economy suffered its most dismal two-quarter period in more than 60 years: gross domestic product (GDP) contracted by 6.3 percent in late 2008 and by 5.7 percent in early 2009. $15 billion: Allowing companies to use current losses to offset profits made in the previous five years, instead of two, making them eligible for tax refunds. ARRA included a protectionist 'Buy American' provision, which imposed a general requirement that any public building or public works project funded by the new stimulus package must use only iron, steel and other manufactured goods produced in the United States. February 11, 2010. Still, with unemployment remaining stubbornly high, both supporters and critics of the legislation had evidence that lent credence to their arguments that the plan either worked or did not. The Legacy of the Recovery Act | U.S. GAO The countrys unemployment rate jumped from 5 percent at the beginning of the recession to 7.8 percent by the time Obama was inaugurated in January 2009; it would peak at 10.1 percent in October 2009. Read more on each Recovery program. $4.3 billion: Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. The National Broadband Map was created by the NTIA, in collaboration with the FCC, and in partnership with 50 states, five territories and the District of Columbia. The economists denied the quoted statement by President Obama that there was "no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy". Michael Levy was political science editor (2000-06), executive editor (2006-11), editor of Britannica Blog (2010-11), and director of product content & curriculum (2011-12) at Encyclopaedia Britannica. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. 108, and S.Amdt. Program Brookings Metro Eight years ago, during the worst recession since the Great Depression, Congress passed and President Obama signed the American Recovery and Reinvestment Act. To enter and activate the submenu links, hit the down arrow. [101] Newsweek reported that many of the Republican legislators who publicly argued that the stimulus would not create jobs were writing letters seeking stimulus programs for their districts on the grounds that the spending would create jobs. Estimates of Job Creation from the American Recovery and Reinvestment Senate $21 billion to subsidize the cost of continuing health care insurance for the. [94] The CBO also said, "It is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package. BARACK OBAMA [Filed with the Office of the Federal Register, 11:15 a.m., May 19, 2009] Final partially handwritten report released by Nancy Pelosi's Office 2/13/09, Note that there are deviations in how some sources allocate spending and tax incentives and loans to different categories. 111-5, 123 Stat. of Education), $130 million for rural community facilities (Department of Agriculture), $100 million emergency food and shelter for homeless (Department of Homeland Security), $230 million for NOAA operations, research and facilities, $1.1 billion in waivers on interest payments for state unemployment trust funds, $1 billion in added funding for child support enforcement, $749 million in crop insurance reinstatement, and emergency loans for farmers, $730 million in SBA loans for small businesses, $201 million in additional funding for AmeriCorps and other community service organizations, $150 million for Urban and Rural economic recovery programs, $150 million for an increase of claims processing military staff, $150 million in loans for rural businesses, Real GDP was boosted by an average ranging from a low of 1.7% to a high of 9.2%, The unemployment rate was reduced by an average ranging from a low of 1.1 percentage points to a high of 4.8 percentage points, Full-time equivalent employment-years was boosted by an average ranging from 2.1 million to 11.6 million, Total outlays were $663 billion, of which $97 billion were refundable tax credits, American Recovery and Reinvestment Act of 2009, as amended, in, This page was last edited on 25 June 2023, at 05:34. American Recovery and Reinvestment Act (ARRA), also called the Stimulus, legislation, enacted by the U.S. Congress and signed into law by Pres. TABLE OF CONTENTS. "[95] The CBO's report on the first quarter of 2010 showed a continued positive effect, with an employment gain in that quarter of up to 2.8 million and a GDP boost of up to 4.2 percent. (i) Section 1605 of the American Recovery and Reinvestment Act of 2009 (Recovery Act) (Pub. Review Department of Veterans Affairs' plans and reports related to the Recovery Act, including agency and program specific reports required by the Recovery Act. It is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century.

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