American Recovery and Reinvestment Act
On Feb. 13, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act has three immediate goals:
- 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 intends to achieve those 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 $275 billion available for federal contracts, grants and loans
- Requiring recipients of Recovery funds to report quarterly on how they are using the money. All the data is posted on Recovery.gov so the public can track the Recovery funds.
American Recovery and Reinvestment Act Headlines
Build America Bonds
Among the many economic stimulus provisions in the American Reinvestment and Renewal Act of 2009 is a short-term program to expand financing alternatives...
New Foundation Center Map Guides Nonprofits to Stimulus Dollars and Other Resources
The Foundation Center, the nation's leading authority on organized philanthropy, has collected an extensive array of resources on how nonprofits may be able to access stimulus package funding from the American Recovery and Reinvestment Act (ARRA) of 2009...
Let's Get It Right
Back in the summer,1 I warned that the financial markets were headed for serious problems. But even my worst fears pale in comparison to what actually...
