: Public Health and Social Welfare, Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, were primarily written by Democratic congressional committee leaders and their staffs, Address Before a Joint Session of Congress (February 24, 2009), 2009 Address Before a Joint Session of Congress, Address Before a Joint Session of Congress (February 24, 2009) (audio), Health Information Technology for Economic and Clinical Health Act, Transportation Investment Generating Economic Recovery, International Boundary and Water Commission, Office of Electricity and Energy Reliability, Energy Efficiency and Conservation Block Grants, Department of Housing and Urban Development, commercial crew space transportation concepts and enabling capabilities, National Oceanic and Atmospheric Administration, National Institute of Standards and Technology, Nobel Memorial Prize in Economic Sciences, Democratic Congressional Campaign Committee, President's Economic Recovery Advisory Board, Recovery Accountability and Transparency Board, Internal Revenue Service Restructuring and Reform Act of 1998, 2009 energy efficiency and renewable energy research investment, Economic Recovery and Middle-Class Tax Relief Act of 2009, "Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from October 2011 Through December 2011", "Senate passes $787 billion stimulus bill", "About That Next Bailout: One Big Lesson from 2009", https://web.archive.org/web/20110610211330/http://clerk.house.gov/floorsummary/floor.html?day=20090126&today=20100630, "Obama seeks congressional consensus on stimulus plan", "House Passes Stimulus Plan Despite G.O.P. Most of the tax incentives for businesses are found in Subtitle C of Division B, Title I of ARRA. [106], One of the primary purposes and promises of the Act was to launch a large number of "shovel ready" projects that would generate jobs. On February 17 . [87], The Congressional Budget Office reported in October 2009 the reasons for the changes in the 2008 and 2009 deficits, which were approximately $460 billion and $1.41 trillion, respectively. The following are details to the different parts of the final bill and the selected citizen to receive this Government Grants have to come up with $250 for the activation and they must clear the state tax according to the state percentage that will be refund it back along with the Grants. On July 20, 2009, the Drudge Report published links to pages on Recovery.gov that Drudge alleged were detailing expensive contracts awarded by the U.S. Department of Agriculture for items such as individual portions of mozzarella cheese, frozen ham and canned pork, costing hundreds of thousands to over a million dollars. [22] Specter switched to the Democratic Party later in the year. [15] All but 11 Democrats voted for the bill, but not a single Republican voted in favor: 177 Republicans voted against it, while one Republican did not vote.[16]. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. However, supporters of the ARRA claim that this can be accounted for by noting that the actual recession was subsequently revealed to be much worse than any projections at the time when the ARRA was drawn up. On February 12, 2010, the Bureau of Labor Statistics, which regularly issues economic reports, published job-loss data on a month-by-month basis since 2000. ARRA supports a variety of . 1, the American Recovery and Reinvestment Act (ARRA) of 2009, into law on February 17, 2009, as P.L. [85] The section of the act that was intended to establish and regulate the operation of Recovery.gov was actually struck prior to its passage into law. The American Recovery and Reinvestment Act of 2009: the role of state and local governments: hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Eleventh Congress, first session, April 21, ... "[69] Conservative economist John Lott was more critical of the government spending. On February 17, 2009, as part of a comprehensive economic stimulus plan, President Barack H. Obama signed into law the $787 billion American Recovery and Reinvestment Act of 2009 (ARRA). The Act is an extraordinary response to a crisis unlike any since . Repealing the law would cost $11 billion over 10 years, in part because the government could not earn interest by holding the money throughout the year. Conference – $8,000 credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. In December 2007 the U.S. economy officially slipped into recession, spurred particularly by the . The Administration has stated that the Act "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. Through the end of March 2011, Maine State Government agencies have expended $1,229,874,217 in Recovery Act funding. [20] On February 10, the Senate voted 61–37 (with one not voting)[21] $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). The legislation was a Keynesian attempt to lift the . On the right, it spurred the Tea Party movement and may have contributed to Republicans winning the House in the 2010 midterms. $750 million for the maintenance of existing public transportation systems, $200 million for FAA upgrades to air traffic control centers and towers, facilities, and equipment, $100 million in grants for improvements to domestic shipyards, $2 billion for the Drinking Water State Revolving Fund drinking water infrastructure improvements (, $1.38 billion for rural drinking water and waste disposal projects, $600 million for hazardous waste cleanup at, $515 million for wildfire prevention projects, $300 million for reductions in emissions from diesel engines (, $300 million to improve Land Ports of Entry (, $100 million for cleaning former industrial and commercial sites (. Because many companies didn't yet make a profit in 2009 in that industry, they were offered cash instead of tax credits. "[94] 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. The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. Did you know? %���� [117][118] Eleven other inspectors general served on the RATB, and the board also had a Recovery Independent Advisory Panel. The New York Times published projections from IHS Global Insight, Moodys.com, Economy.com and Macroeconomic Advisers that indicated that the economy may have been worse without the ARRA. The two senators did concede that the stimulus has had a positive effect on the economy, though they criticized it for failing to give "the biggest bang for our buck" on the issue of job creation. [13] Although 206 amendments were scheduled for floor votes, they were combined into only 11, which enabled quicker passage of the bill. This only applies to first-time homebuyers. [95] 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. The act's goal was to put $787 billion into the pockets of American families and small businesses. Welcome to WhiteHouse.gov/Recovery - the place to follow America's recovery story. 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. [111] Section 1513 of the Recovery Act stated that reports on the impact of the act were to be submitted quarterly, however the last report issued occurred for the second quarter of 2011. One of the principal purposes of the law is to "provide investments needed to increase econom ic efficiency by spurring technological advances i n science and health . List of authors. On February 17, 2009, President O bama signed the American Recovery and Reinvestment Act of 2009 (Recovery Act) into law. The Administration has stated that the Act "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. In addition to appropriating billions of dollars for economic recovery, the Act makes some important . [77] The impact to employment would be an increase of 0.8 million to 2.3 million by the end of 2009, an increase of 1.2 million to 3.6 million by the end of 2010, an increase of 0.6 million to 1.9 million by the end of 2011, and declining increases in subsequent years as the U.S. labor market reaches nearly full employment, but never negative. "[82], Reports regarding errors in reporting on the Web site made national news. $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. The American Recovery and Reinvestment Act of 2009: an update: hearing before the Committee on the Budget, House of Representatives, One Hundred Eleventh Congress, second session, hearing held in Washington, DC, July 14, 2010. Conference – Limits the carry-back to small companies, revenue under $5 million. All the Democrats voted in favor, but only three Republicans voted in favor (Susan Collins, Olympia Snowe, and Arlen Specter). On January 10, 2009, President-Elect Obama's administration released a report[11] that provided a preliminary analysis of the impact to jobs of some of the prototypical recovery packages that were being considered. This month marks the seven-year anniversary of the American Recovery and Reinvestment Act (Recovery Act). [68] Just after the bill was enacted, Krugman wrote that the stimulus was too small to deal with the problem, adding, "And it's widely believed that political considerations led to a plan that was weaker and contains more tax cuts than it should have – that Mr. Obama compromised in advance in the hope of gaining broad bipartisan support. The Senate version of the bill, S. 1, was introduced on January 6, 2009, and later substituted as an amendment to the House bill, S.Amdt. Part One in a Series On February 17, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). Application for payment compliance certificate of the construction . The American Recovery and Reinvestment Act of 2009: an update: hearing before the Committee on the Budget, House of Representatives, One Hundred Eleventh Congress, second session, hearing held in Washington, DC, July 14, 2010. The Senate passed the bill, 60–38, with all Democrats and Independents voting for the bill along with three Republicans. The American Recovery and Reinvestment Act of 2009: an update : hearing before the Committee on the Budget, House of Representatives, One Hundred Eleventh Congress, second session, hearing held in Washington, DC, July 14, 2010. $5 billion: Bonus depreciation, which extends a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009. The American Recovery and Reinvestment Act of 2009 (ARRA) provides approximately $100 billion for education, creating a historic opportunity to save hundreds of thousands of jobs, support states and school districts, and advance reforms and improvements that will create long-lasting results for our students and our nation including early learning, K-12, and post-secondary education. [18] The actual unemployment rate was 9.2% in June 2011 when it was projected to be below 7% with the ARRA. The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub.L. CNN noted that the two senators' stated objections were brief summaries presenting selective accounts that were unclear, and the journalists pointed out several instances where they created erroneous impressions. This accounts for nearly one-third of the entire $3 billion of Department of Interior Recovery Act funding. This book provides a brief overview of the key provisions of the ARRA including the agriculture, nutrition, and rural provisions; medicaid provisions; a summary and legislative history of the Act; and the estimated impact on employment and ... Those already laid off have 60 days to apply for COBRA. Growth then weakened again as the impact of the stimulus began to fade at the end of 2010 and the start of this year. Senate – $46 billion for transportation projects, including $27 billion for highway and bridge construction and repair and $11.5 billion for mass transit and rail projects; $4.6 billion for the Army Corps of Engineers; $5 billion for public housing improvements; $6.4 billion for clean and drinking water projects. a) Funding Table . Republicans proposed several amendments to the bill directed at increasing the share of tax cuts and downsizing spending as well as decreasing the overall price. House – $40 billion to subsidize the cost of continuing health care insurance for the involuntarily unemployed under the COBRA program or provide health care through Medicaid; $87 billion to help states with Medicaid; $20 billion to modernize health information technology systems; $4 billion for preventive care; $1.5 billion for community health centers; $420 million to combat avian flu; $335 million for programs that combat AIDS, sexually transmitted diseases and tuberculosis. [93] The CBO projected that the package would have an even greater impact in 2010. A new Recovery.gov website was redesigned at a cost estimated to be $9.5 million through January 2010. The ARRA targeted spending in a few main areas including: $260 billion in multiple tax cuts, tax credits, and . [108][109] This was largely attributed to the regulatory process that is involved in such projects. Business Provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) FS-2009-11, May 2009 . The American Recovery and Reinvestment Act of 2009 -- commonly called the "stimulus" -- was designed to spur economic growth while creating new jobs and saving existing ones. The FCC worked in coordination with the National Telecommunications and Information Administration (NTIA) to perform the FCC's role under the Recovery Act. economic stimulus in the American Recovery and Reinvestment Act of 2009 (ARRA; P.L. The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17th, 2009. Senate – Delays the law from taking effect until 2012, reducing the cost to $291 million. 111-5), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009.Developed in response to the Great Recession, the ARRA's primary objective was to save existing jobs and create new ones as soon as possible. To stabilize State and local government budgets, in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases. According to the Wall Street Journal, letters from senior senators who chair committees can lead to formal investigations by Congress. The company issued a statement saying it fully complied with the request. Contains the official text of the Act signed into law on February 17, 2009 by President Barack Obama to help alleviate the financial crisis facing the United States. CBO has releaseda cost estimatefor H.R. As summarized in the cost estimate, H.R. Other considered amendments included the Freedom Act of 2009, an amendment proposed by Senate Finance Committee members Maria Cantwell (D) and Orrin Hatch (R) to include tax incentives for plug-in electric vehicles. $116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. In February 2014, the White House stated in a release that the stimulus measure saved or created an average of 1.6 million jobs a year between 2009 and 2012, thus averting having the recession descend into another Great Depression. The credit is phased out for couples making more than $160,000. Robert Steinbrook, M.D. The American Recovery and Reinvestment Act of 2009 was signed into law by President Obama on February 17th, 2009. January 26, 2009. This report discusses the economic impact of the transportation infrastructure funding in ARRA. To provide investments needed to increase economic efficiency by spurring technological advances in science and health. Conference – Includes a one-year increase in AMT floor to $70,950 for joint filers for 2009. American Recovery and Reinvestment Act of 2009 Updated: February 26, 2009. In the primary justification for the stimulus package, the Obama administration and Democratic proponents presented a graph in January 2009 showing the projected unemployment rate with and without the ARRA. Senate – About $70 billion to prevent 24 million taxpayers from paying the alternative minimum tax in 2009. ", "18 M Spent To Redesign Recovery.gov Web Site", "Response to Drudge Item on Recovery Act Funding – Statement from Agriculture Secretary Tom Vilsack", CBO Monthly Budget Review – October 2009, "Employment, Hours, and Earnings from the Current Employment Statistics survey (National)", "NABE Panel: A Mixed Scorecard for Economic, Financial System Remedies", "Economic Scene: Judging Stimulus by Job Data Reveals Success", "Update 2-US stimulus added up to 2.1 mln jobs in Q4 2009-CBO", Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output, "Corrected – Update 2-Stimulus raised GDP by up to 4.2 pct in Q1 2010 -CBO", Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act, http://www.cbo.gov/ftpdocs/99xx/doc9987/Gregg_Year-by-Year_Stimulus.pdf, "US debt deal: how Washington lost the plot", "Hypocrisy Alert: 128 House Republicans Take Credit for the Economic Bills They Opposed", "Reboot America – Manifesto Support Surges", "The Economic Impact of the American Recovery and Reinvestment Act of 2009", "GOP slams stimulus plan with list of 100 worst projects", "Obama Considers Major Expansion in Aid to Jobless", "Obama Hopes 'Recovery Summer' Will Warm Voters to the Stimulus", "Tax Cut Extension Bill Wends Its Way to White House", "Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2011 Through September 2011", "Ahead of Election, Obama Stops Releasing 'Stimulus' Reports", "Obama Continues to Violate His Own 'Stimulus' Law by Not Releasing Quarterly Reports", "Labor Force Statistics from the Current Population Surve", "White House: Stimulus was good for economy; GOP says big spending produced little results", "Obama picks F&M alum to oversee stimulus plan", "Interior IG Brings Detective's Zeal to Stimulus Watchdog Post", "Senior Senator Launches Inquiry on 'Green Energy' Grants", Complete text of enacted statute at Wikisource, Full Video of The American Recovery and Reinvestment Act of 2009 signing ceremony on February 17, 2009 (from C-SPAN), Vice President Biden and President Obama speeches on the 1-year anniversary of the ARRA (from C-SPAN), Council of Economic Advisers-The Economic Impact of the ARRA Five Years Later – February 2014, Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014, Effect of the American Recovery and Reinvestment Act on 33 economic indicators, Office of Federal Housing Enterprise Oversight, China–Japan–South Korea trilateral summit, Dodd–Frank Wall Street Reform and Consumer Protection Act, Emergency Economic Stabilization Act of 2008, Term Asset-Backed Securities Loan Facility, Fraud Enforcement and Recovery Act of 2009, Housing and Economic Recovery Act of 2008, National fiscal policy response to the Great Recession, List of banks acquired or bankrupted during the Great Recession, Effects of the Great Recession on museums, United States federal taxation legislation, Joint session of Congress (health care reform), Illinois State Senate election, 1996, 1998, 2002, 2000 Illinois's 1st congressional district election, Republican and conservative support (2008), Inaugural Celebration at the Lincoln Memorial, By the People: The Election of Barack Obama, https://en.wikipedia.org/w/index.php?title=American_Recovery_and_Reinvestment_Act_of_2009&oldid=1039351390, United States federal financial legislation, United States federal housing legislation, Short description is different from Wikidata, Articles with unsourced statements from December 2011, Articles with unsourced statements from February 2018, Articles with unsourced statements from April 2016, Articles with unsourced statements from April 2012, Articles with dead external links from June 2020, Articles with permanently dead external links, Creative Commons Attribution-ShareAlike License. [77] In the long term, the CBO expects the legislation to reduce output slightly by increasing the nation's debt and crowding out private investment, but noted that other factors, such as improvements to roads and highways and increased spending for basic research and education may offset the decrease in output and that crowding out was not an issue in the short term because private investment was already decreasing in response to decreased demand. The American Recovery and Reinvestment Act of 2009 (ARRA) provides a number of tax incentives for businesses. In total, the projects questioned by the two senators amounted to about $15 billion, or less than 2% of the $862 billion. 5) Designates each amount in this Act as: (1) an emergency requirement, necessary to meet certain emergency needs in accordance with the FY2008-FY2009 congressional budget resolutions; and (2) an emergency for Pay-As-You-Go (PAYGO) principles. The ARRA is intended to save existing jobs and create new jobs, spur spending by business and consumers, and lay a foundation for renewed economic growth and prosperity. 1 would specify appropriations for a wide range of federal programs and would . A link to the full cost estimate can be found here. House – $2.6 billion to repeal a requirement that a $7,500 first-time homebuyer tax credit be paid back over time for homes purchased from Jan 1 to July 1, unless the home is sold within three years. [73] This letter was signed by Nobel Memorial laureates Kenneth Arrow, Lawrence R. Klein, Eric Maskin, Daniel McFadden, Paul Samuelson and Robert Solow. 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. House – About $145 billion for $500 per-worker, $1,000 per-couple tax credits in 2009 and 2010. SUMMARY: The American Recovery and Reinvestment Act of 2009, otherwise known as the Stimulus Bill, was one of the first major pieces of legislation passed by the new Democratic Congress in 2009 and signed by newly inaugurated President Barack Obama. This historic legislation seeks to immediately stimulate job creation during these challenging economic times by cutting taxes and investing hundreds of billions of dollars over the next two years in critical sectors such as energy, health care . The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17th, 2009. Senate – $4.7 billion to exclude from taxation the first $2,400 a person receives in unemployment compensation benefits in 2009. [34] On February 12, House Majority Leader Steny Hoyer scheduled the vote on the bill for the next day, before wording on the bill's content had been completed and despite House Democrats having previously promised to allow a 48-hour public review period before any vote. (i) Section 1605 of the American Recovery and Reinvestment Act of 2009 (Recovery Act) (Pub. 111-5): Brief Summary Congressional Research Service Summary President Barack Obama signed H.R. ), The American Recovery and Reinvestment Act of 2009 (Recovery Act), Broadband.gov and the National Broadband Plan. At the urging of President Obama on February 17th, 2009 credit is phased out for above... Of President Obama on February 17th, 2009 a one-year increase in AMT floor to $ 19.5 billion more. 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