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American Recovery and Reinvestment Act of 2009 (ARRA)-

It is commonly known as Stimulus or Recovery act. It is basically an economic stimulus package enacted by the 111th United States Congress in February 2009. It became law on February 17, 2009 when President Barack Obama signed it. Basically it is the response to the late 2000 recession, its primary aim is to create more jobs, provide immediate relief to people affected by the recession, increasing government investment in infrastructure, education, health and ‘green’ energy.

Brief legislative history-

• Introduced in the house as H.R.1 by Dave obey on January 26, 2009.

• Budget and Appropriations Committee considered it.

• On January 28, 2009 house passed the bill.

• On February 10, 2009 bill was presented in the senate.

• The joint conference committee reported on February 12, 2009.

• On February 13, 2009 agreed by the house.

• On February 13, 2009 agreed by the senate.

• On February 17, 2009 President Barack Obama signed the bill and it became law.

Provision of the Act

• To stimulate the economy by preserving and creating more jobs.

• To give immediate relief to the person affected by the recession.

• To provide investment for incorporating technological development in economic recovery.

• To invest in infrastructure projects, transportation, and environmental project for

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  Verlag: BookRix GmbH & Co. KG

  Tag der Veröffentlichung: 06.06.2020
  ISBN: 978-3-7487-4472-6
  

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  Provision of the Act • To stimulate the economy by preserving and creating more jobs. • To give immediate relief to the person affected by the recession. • To provide investment for incorporating technological development in economic recovery. • To invest in infrastructure projects, transportation, and environmental project for long term benefits. • To provide stabilization to state and local level government budget by cutting unnecessary expenses. Economic distribution 37% ($288 billion) of the package - Tax incentives 18% ($144 billion) - State and local fiscal relief 90% of the state aid - Medicaid and education 45% ($357 billion) - Federal spending programs such as transportation, communication, and other infrastructure projects including funding scientific experiment.