Wednesday, May 13, 2009

Stimulus Dollars at Work

The Vice President today submitted his first quarterly report to the President detailing progress implementing the American Recovery and Reinvestment Act (ARRA). The report shows early progress providing immediate financial relief for American families and jump-starting billions of dollars in job-creating projects in the first quarter, with both the pace of spending and job creation expected to accelerate significantly in the coming months. This report is the first of a series of updates the Vice President will provide to the President as Recovery Act funds are put to work.

In the first 77 days of the two-year Recovery Act program:
· 150,000 jobs have been created or saved
· More than $88 billion dollars has been made available for programs and projects
· Over 3,000 transportation construction projects have been funded in 52 states and territories
· Ninety-five percent of working families have begun seeing the benefits of the Making Work Pay tax credit in their paychecks
· COBRA health insurance premiums have been reduced by 65 percent
· Unemployment benefits have increased by $25 a week
· States have drawn down $15.7 billion in Medical Assistance (FMAP) funds, allowing them to avoid budget cuts
· Thirteen states have qualified for State Fiscal Stabilization Funds to improve education programs and save education-related jobs

Looking ahead, an additional 600,000 jobs are expected to be created or saved under the Recovery Act in the next 100 days and billions of dollars in contracts and grants are expected to be awarded in the coming months. The report finds that the anticipated funds are already having an effect on economic and job growth as private sector companies staff up to meet expected demand for their products under Recovery Act programs and state and local governments adjust their spending plans ahead of receiving additional Recovery Act funds.

To view the report, click HERE.

- Manny