American Recovery and Reinvestment Act of 2009

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American Recovery and Reinvestment Act of 2009
Great Seal of the United States.
Full title An act making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes.
Acronym ARRA
Colloquial name(s) The Recovery Act, Stimulus
Enacted by the 111th United States Congress
Effective February 17, 2009
Citations
Public Law 111-5
Codification
Legislative history
  • Introduced in the House as H.R. 1 by Dave Obey (D-WI) on January 26, 2009
  • Committee consideration by: Appropriations and Budget
  • Passed the House on January 28, 2009 (244—188)
  • Passed the Senate on February 10, 2009 (61-37)
  • Reported by the joint conference committee on February 12, 2009; agreed to by the House on February 13, 2009 (246—183) and by the Senate on February 13, 2009 (60—38)
  • Signed into law by President Barack Obama on February 17, 2009
Major amendments
Relevant Supreme Court cases

The American Recovery and Reinvestment Act of 2009, abbreviated ARRA (Pub.L. 111-5) and commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted by the 111th United States Congress in February 2009.

The stimulus was intended to create jobs and promote investment and consumer spending during the recession. The rationale for the stimulus comes out of the Keynesian economic tradition that argues that government budget deficits should be used to cover the output gap created by the drop in consumer spending during a recession. The modern consensus (a blend of thinking from New Keynesian and New Neo-classical theory in economics) favors monetary over fiscal policy like the fiscal stimulus.[1] However, the Federal Reserve had already cut interest rates to zero, greatly reducing their policy options. The flow of finances was stagnated because of a liquidity trap, or an over leveraged/broke banking system, also limiting monetary policy effectiveness. While many economists agreed a fiscal stimulus was needed under these conditions, others maintained that fiscal policy would not work because government debt would use up savings that would otherwise go to investments, what economists call crowding out. Proponents countered that the negative effects of crowding out are limited when investment has already stagnated.

The measures are nominally worth $787 billion. The Act includes federal tax incentives, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. The Act also includes numerous non-economic recovery related items that were either part of longer-term plans (e.g. a study of the effectiveness of medical treatments) or desired by Congress (e.g. a limitation on executive compensation in federally aided banks added by Senator Dodd and Rep. Frank).

No Republicans in the House and only three Republican Senators voted for the bill.[2][3][4] The bill was signed into law on February 17 by President Barack Obama at an economic forum he was hosting in Denver, Colorado.[5]

As of the end of August 2009, 19% of the stimulus had been outlaid or gone to American taxpayers or businesses in the form of tax incentives.[6]

Contents

[edit] Legislative history

[edit] House of Representatives

Official seal of Recovery.gov, the official site of the American Recovery and Reinvestment Act of 2009.

The House version of the bill, H.R. 1, was introduced on January 26, 2009.[7] It was sponsored by Democrat David Obey, the House Appropriations Committee chairman, and was co-sponsored by nine other Democrats. On January 23, Speaker of the House Nancy Pelosi said that the bill was on track to be presented to President Obama for him to sign into law before February 16, 2009.[8] Although 206 amendments were scheduled for floor votes, they were combined into only 11, which enabled quicker passage of the bill.[9]

On January 28, 2009, the House passed the bill by a 244-188 vote.[10] All but 11 Democrats voted for the bill, and 176 Republicans voted against it (two Republicans did not vote).[11]

[edit] Senate

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. 570. It was sponsored by Harry Reid, the Majority Leader, co-sponsored by 16 other Democrats and Joe Lieberman, an independent who caucuses with the Democrats.

The Senate then began consideration of the bill starting with the $275 billion tax provisions in the week of February 2, 2009.[12] A significant difference between the House version and the Senate version was the inclusion of a one-year extension of revisions to the alternative minimum tax which added $70 billion to the bill's total.

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.[13] President Obama and Senate Democrats hinted that they would be willing to compromise on Republican suggestions to increase infrastructure spending and to double the housing tax credit proposed from $7,500 to $15,000 and expand its application to all home buyers, not just first-time buyers.[14] 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[15] and an amendment proposed by Jim DeMint (R) to remove language from the bill that would prohibit funds which would be "used for sectarian instruction, religious worship, or a school or department of divinity; or in which a substantial portion of the functions of the facilities are subsumed in a religious mission".[16]

The Senate called a special Saturday debate session for February 7 at the urging of President Obama. The Senate voted, 61-36 (with 2 not voting) on February 9 to end debate on the bill and advance it to the Senate floor to vote on the bill itself.[17] On February 10, the Senate voted 61-37 (with one not voting)[18] All the Democrats voted in favor, but only three Republicans voted in favor (Susan Collins, Olympia Snowe, and Arlen Specter), with Specter later switching to the Democratic party.[19] At one point, the Senate bill stood at $838 billion.[20]

[edit] Comparison of the House, Senate and Conference versions

President Barack Obama signs the ARRA into law on February 17, 2009 in Denver, Colorado. Vice President Joe Biden stands behind him.
President Barack Obama speaks about the 2,000th project approved through the ARRA. The president is joined by Vice President Joe Biden and Secretary of Transportation Ray LaHood.

Senate Republicans forced a near unprecedented level of changes (near $150 billion) in the House bill which had more closely followed the Obama plan. The biggest losers were States[21] (severely restricted Stabilization Fund) and the low income workers (reduced tax credit) with major gains for the elderly (largely left out of the Obama & House plans) and high income tax-payers. A comparison of the $827 billion economic recovery plan drafted by Senate Democrats with a $820 billion version passed by the House and the final $787 billion conference version shows huge shifts within these similar totals. Additional debt costs would add about $350 billion or more over 10 years. Many provisions will expire in two years.[22]

The main funding differences between the Senate bill and the House bill are: More funds for health care in the Senate ( $153.3 vs $140 billion), for green energy programs ($74 vs. $39.4 billion), for home buyers tax credit ($35.5 vs. $2.6 billion), new payments to the elderly and a one year increase in AMT limits. The House has more funds appropriated for education ($143 vs. $119.1 billion), infrastructure ($90.4 vs. $62 billion) and for aid to low income workers and the unemployed ($71.5 vs. $66.5 billion).[23]

[edit] Spending (Senate-$552 billion, House-$545 billion)

[edit] Taxes ($275 billion)

[edit] Conference report

Congressional negotiators that they had completed the Conference Report on February 11.[33] 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. The Report with final handwritten provisions was posted on a House website that evening.[34][35] On February 13, the Report passed the House, 246-183, largely along party lines with all 246 Yes votes given by Democrats and the Nay vote split between 176 Republicans and 7 Democrats.[2][11][36]

The Senate passed the bill, 60-38, with all Democrats and Independents voting for the bill along with three Republicans. On February 17, 2009, President Barack Obama signed the Recovery Act into law.

[edit] Provisions of the Act

Composition of the Act:
Tax incentives - includes $15 B for Infrastructure and Science, $61 B for Protecting the Vulnerable, $25 B for Education and Training and $22 B for Energy, so total funds are $126 B for Infrastructure and Science, $142 B for Protecting the Vulnerable, $78 B for Education and Training, and $65 B for Energy.
State and Local Fiscal Relief - Prevents state and local cuts to health and education programs and state and local tax increases.

Section 3 of ARRA listed the basic intent behind crafting the proposal. This Statement of Purpose included the following:

  1. To preserve and create jobs and promote economic recovery.
  2. To assist those most impacted by the recession.
  3. To provide investments needed to increase economic efficiency by spurring technological advances in science and health.
  4. To invest in transportation, environmental protection, and other infrastructure that will provide long-term economic benefits.
  5. To stabilize State and local government budgets, in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases.

The Act specifies that 37% of the package is to be devoted to tax incentives equaling $288 billion and $144 billion or 18% is allocated to state and local fiscal relief (more than 90% of the state aid is going to Medicaid and education). The remaining 45% or $357 billion is allocated to federal spending programs such as transportation, communication, waste water and sewer infrastructure improvements; energy efficiency upgrades in private and federal buildings; extension of federal unemployment benefits; and scientific research programs.

The following are details to the different parts of the final bill:[37][38][39][40]

[edit] Tax incentives

Total: $288 billion

[edit] Tax incentives for individuals

Total: $237 billion

[edit] Tax incentives for companies

Total: $51 billion

[edit] Healthcare

More than 11% of the total bill is allocated to help states with Medicaid

Total: $155.1 billion [42]

[edit] Education

Secretary of Education Arne Duncan and New York City Mayor Michael Bloomberg visit with students at Explore Charter School.

Total: $100 billion

[edit] Aid to low income workers, unemployed and retirees (including job training)

Payments to Social Security recipients and people on Supplemental Security Income were parts of the ARRA.

Total: $82.2 billion

[edit] Infrastructure Investment

Total: $105.3 billion

[edit] Transportation

Road and highway construction is the biggest single line infrastructure item in the final bill. Projects funded by the ARRA have a sign marking them, like this one in Middletown, Rhode Island.
Sign for an ARRA funded road-widening project on Colorado State Highway 9 north of Breckenridge, Colorado.

Total: $48.1 billion[44], some in the form of Transportation Income Generating Economic Recovery (TIGER) Grants

[edit] Water, sewage, environment, and public lands

Total: $18 billion [45]

[edit] Government buildings and facilities

Impact of the ARRA on Department of Defense facilities across the nation.

Total: $7.2 billion

[edit] Communications, information, and security technologies

Federal Communications Commission (FCC) map showing the availability of broadband internet access in the U.S.

Total: $10.5 billion

[edit] Energy Infrastructure

Total: $21.5 billion [46][47]

[edit] Energy efficiency and renewable energy research and investment

Loans and investments into green energy technology are a significant part of the final bill

Total: $27.2 billion

[edit] Housing

Total: $14.7 billion [50]

[edit] Scientific research

NASA is among the government agencies receiving additional funds under the Act

Total: $7.6 billion

[edit] Other

President Obama in Ohio on March 6, 2009 for the Graduation of the Columbus Police Division’s 114th Class, saying that the ARRA did bring some good news.

Total: $10.6 billion

[edit] Recommendations by economists

President Barack Obama announces the creation of the Economic Recovery Advisory Board on February 6, 2009.

Economists such as Martin Feldstein, Daron Acemoğlu, National Economic Council director Larry Summers, and Nobel Memorial Prize in Economic Sciences winners Joseph Stiglitz[52] and Paul Krugman[53] favored large economic stimulus to counter the economic downturn. While in favor of a stimulus package, Feldstein expressed concern over the act as written, saying it needed revision to address consumer spending and unemployment more directly.[54] 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."[55] Other economists, including John Lott,[56] Robert Barro and Nobel Prize-winners Robert Lucas, Jr.,[57] Vernon L. Smith, Edward C. Prescott and James M. Buchanan, were more critical of the government spending.

On January 28, 2009, a full-page advertisement with the names of approximately 200 economists who were against Obama's plan appeared in The New York Times and The Wall Street Journal. The funding for this advertisement came from the Cato Institute.[58][59]

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."[60] This letter was signed by Nobel laureates Kenneth Arrow, Lawrence R. Klein, Eric Maskin, Daniel McFadden, Paul Samuelson and Robert Solow. The general consensus among non-partisan economic sources including IHS Global Insight, Moody's.com Economy.com and Macroeconomic Advisers is that the economy would have been far worse without the ARRA. [61]

[edit] Congressional Budget Office reports

CBO estimates of the impact of the stimulus on GDP

A February 4, 2009, report by the Congressional Budget Office (CBO) said that while the stimulus would increase economic output and employment in the short run, the GDP would, by 2019, have an estimated net decrease between 0.1% and 0.3% (as compared to the CBO estimated baseline).[62]

The CBO estimated that enacting the bill would increase federal budget deficits by $185 billion over the remaining months of fiscal year 2009, by $399 billion in 2010, and by $134 billion in 2011, or $787 billion over the 2009-2019 period.[63]

In a February 11 letter, CBO Director Douglas Elmendorf noted that there was disagreement among economists about the effectiveness of the stimulus, with some skeptical of any significant effects while others expecting very large effects.[64] Elmendorf said the CBO expected short term increases in GDP and employment.[64] 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.[64]

The CBO estimated that an increase in the GDP of between 1.4 percent and 3.8 percent by the end of 2009, between 1.1 percent and 3.3 percent by the end of 2010, between 0.4 percent and 1.3 percent by the end of 2011, and a decrease of between zero and 0.2 percent beyond 2014.[64] 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.[64] Decreases in GDP in 2014 and beyond are accounted for by crowding out, where government debt absorbs finances that would otherwise go toward investment.[64]

[edit] Recovery.gov

Recovery.gov, the website created for this Act.

A May 21, 2009 article in The Washington Post stated, "To build support for the stimulus package, President Obama vowed unprecedented transparency, a big part of which, he said, would be allowing taxpayers to track money to the street level on Recovery.gov... But three months after the bill was signed, Recovery.gov offers little beyond news releases, general breakdowns of spending, and acronym-laden spreadsheets and timelines." 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."[65]

Reports regarding errors in reporting on the Web site made national news. News stories circulated about Recovery.gov reporting fund distribution to congressional districts that did not exist.[66][67]

A new Recovery.gov website was redesigned at a cost estimated to be $9.5 million through January 2010.[68] 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. Section 1226, which laid out provisions for the structure, maintenance, and oversight of the website were struck from the bill. Directives are currently being given to those organizations handling the stimulus dollars that tie directly to recovery.gov that will require that detailed reports be provided that will end up on recovery.gov which tie the dollars spent to activities in the bill.

On July 20, 2009, the Drudge Report published links to pages on Recovery.org which 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. A statement released by the USDA the same day corrected the allegation, stating that "references to '2 pound frozen ham sliced' are to the sizes of the packaging. Press reports suggesting that the Recovery Act spent $1.191 million to buy "2 pounds of ham" are wrong. In fact, the contract in question purchased 760,000 pounds of ham for $1.191 million, at a cost of approximately $1.50 per pound."[69]

[edit] Buy American provision

A May 15, 2009 Washington Post article reported that the buy American provision of the stimulus package has caused outrage in the Canadian business community, and that the government in Canada has "retaliated" by enacting its own restrictions on trade with the U.S.[70]

On June 6, 2009, delegates at the Federation of Canadian Municipalities conference passed a resolution that would potentially shut out U.S. bidders from Canadian city contracts, in order to help show support for Prime Minister Stephen Harper's opposition to the "buy American" provision. Sherbrooke Mayor Jean Perrault, president of the federation, stated, "This U.S. protectionist policy is hurting Canadian firms, costing Canadian jobs and damaging Canadian efforts to grow in the world-wide recession." There will be a 120 day delay before the resolution takes effect.[71]

On February 16, 2010, the United States and Canada agreed on exempting Canadian companies from Buy American provisions which would have hurt the Canadian economy.[72][73]

[edit] Developments under the Act

Chart of BLS job-loss data based on OFA's chart.
President Barack Obama and Vice President Joe Biden speak to state legislators about the implementation of the Recovery Act on March 20, 2009.

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 $1,410 billion, respectively. The CBO estimated that ARRA increased the deficit by $200 billion for 2009, split evenly between tax cuts and additional spending, excluding any feedback effects on the economy.[74]

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.[75] The Democratic Party group Organizing for America prepared a chart presenting the BLS data for the period beginning in December 2007. OFA used the chart to argue, "As a result [of the Recovery Act], job losses are a fraction of what they were a year ago, before the Recovery Act began."[76]

According to a March 2009 Industry Survey of and by the National Association of Business Economists, 70.6% of their economists who had reviewed the fiscal stimulus enacted in February 2009 projected it would have modest to strong impact in shortening the recession, with 29.4% anticipating little or no impact. The aspects of the stimulus expected by the NABE to have the greatest effectiveness were physical infrastructure, unemployment benefits expansion, and personal tax-rate cuts.[77]

One year after the stimulus, several independent macroeconomic firms including Moody's and IHS Global Insight estimated that the stimulus saved or created 1.6 to 1.8 million jobs and forecasted a total impact of 2.5 million jobs saved by the time the stimulus is completed.[78] The Congressional Budget Office considered these estimates conservative.[79] The CBO estimated 2.1 million jobs saved in the last quarter of 2009, boosting the economy by up to 3.5 percent and lowering the unemployment rate by up to 2.1 percent.[80] The CBO projected that the package would have an even greater impact in 2010.[80] 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."[81] 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.[82]

The CBO also revised its assessment of the long-term impact of the bill. After 2014, the stimulus is estimated to decrease output by zero to 0.2%. The stimulus is not expected to have a negative impact on employment in any period of time.[83]

The Democratic Congressional Campaign Committee established a "Hypocrisy Hall of Fame" to list Republican Representatives who had voted against ARRA but who then sought or took credit for ARRA programs in their districts. By the end of February 2010, the DCCC was listing 91 House Republicans in this category.[84]

The stimulus has been criticized as being too small. In July 2010, a group of 40 prominent economists issued a statement calling for expanded stimulus programs to reduce unemployment. They also challenged the view that the priority should be reducing the deficit: "Making deficit reduction the first target, without addressing the chronic underlying deficiency of demand, is exactly the error of the 1930s."[85]

In July 2010, the Council of Economic Advisers estimated that the stimulus had "saved or created between 2.5 and 3.6 million jobs as of the second quarter of 2010."[86] At that point, spending outlays under the stimulus totaled $257 billion and tax cuts totaled $223 billion.[87]

In August 2010, Republican Senators Tom Coburn and John McCain released a report listing 100 projects it described as the "most wasteful projects" funded by the Act. In total, the projects questioned by the two senators amounted to about $15 billion, or less than 2% of the $862 billion. 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. 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.[88]

The Act, which from its earliest introductions had promised "shovel-ready" projects[89], was dogged in implementation by slower-than-hoped implementation of, particularly, infrastructure projects.[90][91]

Some of the tax incentives in the Act, including those related to the American opportunity tax credit and Earned Income Tax Credit, were extended for a further two years by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.[92]

[edit] See also

[edit] References

  1. ^ Bean, Charles. p. 13. Chapter 9 by Charles Bean taken from the book:Is there a new consensus in macroeconomics?, 13 April 2007. http://www.bankofengland.co.uk/publications/other/monetary/bean070413.pdf
  2. ^ a b "US Congress passes stimulus plan". BBC. February 14, 2009. http://news.bbc.co.uk/2/hi/business/7889897.stm. Retrieved February 17, 2009. 
  3. ^ "Dems power stimulus bill through Congress". Associated Press. February 14, 2009. http://www.msnbc.msn.com/id/29179041/. 
  4. ^ Roll call vote 64, via Senate.gov
  5. ^ Sahadi, Jeanne (February 17, 2009). "Stimulus: Now for the hard part". CNN.com. http://money.cnn.com/2009/02/17/news/economy/obama_stimulus_meas_success/index.htm?postversion=2009021713. 
  6. ^ Gross, Daniel (12 October 2009). "The $800 Billion Deception: Conservatives claim the stimulus has already failed. But it has barely started". Slate. http://www.slate.com/id/2232185/. 
  7. ^ Legislative Day of January 26, 2009 for the 111TH Congress, First Session (Office of the Clerk, U.S. House of Representatives)
  8. ^ "Obama seeks congressional consensus on stimulus plan". Newsday. January 24, 2009. http://www.newsday.com/services/newspaper/printedition/saturday/news/ny-bzecon246010682jan24,0,7242108.story. 
  9. ^ cqpolitics.com
  10. ^ Calmes, Jackie (January 29, 2009). "House Passes Stimulus Plan Despite G.O.P. Opposition". New York Times. http://www.nytimes.com/2009/01/29/us/politics/29obama.html?hp. Retrieved April 23, 2010. 
  11. ^ a b Roll call vote 70, via Clerk.House.gov
  12. ^ NewsDay.com
  13. ^ See, for example: S.Amdt. 106, S.Amdt. 107, S.Amdt. 108, and S.Amdt. 109
  14. ^ Sheryl Gay Stolberg (February 2, 2009). "Obama Predicts Support From G.O.P. for Stimulus Proposal". New York Times. http://www.nytimes.com/2009/02/02/us/politics/02obama.html?ref=business. 
  15. ^ cantwell.senate.gov
  16. ^ HR1. Sec. 9302. Higher Education Modernization, Renovation, and Repair. The amendment was ultimately rejected by a vote of 54-43. Roll call vote 47, via Senate.gov
  17. ^ Roll call vote 59, via Senate.gov
  18. ^ Senator Judd Gregg (R) did not vote because, at the time, he was a nominee of the Democratic president to become Secretary of Commerce. Gregg also did not participate in the cloture vote.
  19. ^ Roll call vote 60, via Senate.gov
  20. ^ David Espo. "Stimulus bill survives Senate test". Associated Press via Atlanta Journal-Constitution. http://www.ajc.com/services/content/printedition/2009/02/10/stimulus0210.html. 
  21. ^ JSOnline.com
  22. ^ "Stimulus bill far from perfect, Obama says" MSNBC
  23. ^ Stimulus bill survives Senate test, via AJC.com
  24. ^ Conference report 111-16, Division B Title II 2/13/09
  25. ^ Conference report 111-16
  26. ^ Conference report 111-16, 2-13-09, Title 14
  27. ^ "ReviewJournal.com - News - STIMULUS IN NEVADA: Raggio presses Reid: 'We can't be required to give what we don't have'". Lvrj.com. 7 February 2009. http://www.lvrj.com/news/39257837.html. Retrieved 18 February 2009. 
  28. ^ , NYT 2-15-09
  29. ^ a b c d House Conference report 111-? Final partially handwritten report released by Nancy Pelosi's Office 2/13/09
  30. ^ a b House Conference report 111-16 2/13/09
  31. ^ WSJ Feb. 12, 2009
  32. ^ Conference Report 111-16, 2-13-09
  33. ^ New York Times Deal Struck on $789 Billion Stimulus. New York Times. February 11, 2009.
  34. ^ Even After the Deal, Tinkering Goes On, The New York Times, February 12, 2009
  35. ^ "COMMITTEE ON RULES - Conference Report to Accompany H.R. 1 - The American Recovery and Reinvestment Act of 2009". Rules.house.gov. http://www.rules.house.gov/bills_details.aspx?NewsID=4149. Retrieved February 18, 2009. 
  36. ^ House passes Obama's economic stimulus bill, via Breitbart.com
  37. ^ "SUMMARY: AMERICAN RECOVERY AND REINVESTMENT". Committee on Appropriations. 13 February 2009. http://appropriations.house.gov/pdf/PressSummary02-13-09.pdf. Retrieved 17 February 2009. [dead link]
  38. ^ recovery.gov
  39. ^ The Wall Street Journal. February 17, 2009. http://online.wsj.com/public/resources/documents/STIMULUS_FINAL_0217.html. 
  40. ^ Note that there are deviations in how some sources allocate spending and tax incentives and loans to different categories
  41. ^ ARRA of 2009 Questions & Answers
  42. ^ http://www.hhs.gov/recovery/overview/index.html
  43. ^ http://www2.ed.gov/policy/gen/leg/recovery/factsheet/stabilization-fund.html
  44. ^ http://www.fhwa.dot.gov/economicrecovery/arrapresentationfinal05012009.ppt
  45. ^ http://www.epa.gov/recovery/basic.html
  46. ^ http://www.energy.gov/recovery/breakdown.htm
  47. ^ http://www.pewclimate.org/docUploads/Pew-Summary-ARRA-Key-Provisions.pdf
  48. ^ http://www.em.doe.gov/pages/siteslocations.aspx
  49. ^ http://www.eecbg.energy.gov/
  50. ^ http://portal.hud.gov/portal/page/portal/HUD/recovery/about
  51. ^ http://www.justice.gov/recovery/
  52. ^ Stiglitz: Stimulus Must Be Big, Provide Relief To States, morningstar.com
  53. ^ Krugman, Paul (January 25, 2008). "Stimulus Gone Bad". NYTimes.com. http://www.nytimes.com/2008/01/25/opinion/25krugman.html. Retrieved April 23, 2010. 
  54. ^ "Harvard Prof Slams Stimulus Plan". Boston Herald. January 30, 2009. http://www.bostonherald.com/business/general/view/2009_01_30_Harvard_prof_slams_stimulus_plan:_Dems___800b_%E2%80%98mistake_. 
  55. ^ Krugman, Paul (February 13, 2009), "Failure to Rise", The New York Times: A31, http://www.nytimes.com/2009/02/13/opinion/13krugman.html?_r=1, retrieved 2011-02-15 
  56. ^ "Obama's Stimulus Package Will Increase Unemployment - Opinion". FOXNews.com. 3 February 2009. http://www.foxnews.com/story/0,2933,487425,00.html. Retrieved 18 February 2009. 
  57. ^ Lucas Jr, Robert E. (December 23, 2008). "Bernanke Is the Best Stimulus Right Now". wsj.com. http://online.wsj.com/article/SB122999959052129273.html. 
  58. ^ "Economists say stimulus won’t work". St. Louis Post-Dispatch. January 29, 2009. http://www.stltoday.com/blogzone/mound-city-money/us-economy/2009/01/economists-say-stimulus-wont-work. Retrieved 1 February 2010. 
  59. ^ "Cato Institute petition against Obama 2009 stimulus plan". http://cato.org/special/stimulus09/cato_stimulus.pdf. 
  60. ^ "Letter to Congress: Economists Across the Spectrum Endorse Stimulus Package". Center for American Progress Action Fund. Center for American Progress. January 27, 2009. http://www.americanprogressaction.org/issues/2009/01/stimulus_letter.html. Retrieved 1 February 2010. 
  61. ^ Economists on ARRA Obama FTW, Retrieved 2-8-2011
  62. ^ "Official CBO report to the Senate budget committee". Congressional Budget Office. http://cbo.gov/ftpdocs/96xx/doc9619/Gregg.pdf. 
  63. ^ "CBO-Budgetary Impact of ARRA". Congressional Budget Office. http://www.cbo.gov/ftpdocs/99xx/doc9989/hr1conference.pdf. 
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