American Recovery and Reinvestment Act Funding Information
The American Recovery and Reinvestment Act was passed by Congress and signed into law by President Obama on February 17, 2009. The purpose of the $787 billion Recovery package is to jump-start the economy to create and save jobs. The Act specifies appropriations for a wide range of federal programs, and increases or extends certain benefits under Medicaid, unemployment compensation, and nutrition assistance programs. The legislation also reduces individual and corporate income tax collections, and makes a variety of other changes to tax laws. Long-term investment goals include:
- Beginning to computerize health records to reduce medical errors and save on health-care costs
- Investing in the domestic renewable energy industry
- Weatherizing 75 percent of federal buildings and more than one million homes
- Increasing college affordability for seven million students by funding the shortfall in Pell Grants, raising the maximum grant level to $500, and providing a higher education tax cut to nearly four million students
- Cutting taxes for 129 million working households by providing an $800 Making Work Pay tax credit for qualified individuals
- Expanding the Child Tax Credit