Frequently Asked Questions
What is the American Recovery and Reinvestment Act?
On February 17, 2009 President Obama signed into law the American Recovery and Reinvestment Act (ARRA). The act represents a significant investment in our country´s future in the face of the greatest economic crisis since the Great Depression. The White House predicts that the ARRA will create or save three to four million jobs, 90 percent of them in the private sector. The act provides a total of $789.5 billion in spending and tax cuts over two years.
How is the money distributed?
According to the White House the money is distributed to the following categories:
- $288 billion Tax Relief
- $144 billion - State and Local Fiscal Relief
- $111 billion Infrastructure and Science
- $81 billion Protecting the Vulnerable
- $59 billion Health Care
- $53 billion Education and Training
- $43 billion Energy
- $8 billion Other
What is the role of the NH Office of Economic Recovery?
The Governor´s Office of Economic Recovery is tasked to track New Hampshire´s handling of federal stimulus funds as well as state-level economic recovery initiatives. These tasks include:
- Tracking all federal money directed to state and local governments as well as to private businesses and non-profit organizations.
- Maximize New Hampshire´s use of available federal stimulus funds.
- Identify the most efficient ways to move the stimulus money into the economy and to remove any regulatory and/or other issues that slow the process.
- Establish communication with federal and state agencies, local governments and New Hampshire´s Congressional delegation that will serve to assist in efficient and rapid use the federal stimulus money.
- Develop a communications network, using a variety of tools including the Internet, to keep the public informed about the status and progress of the recovery effort, along with funding opportunities.
- Measure and report on the progress of the economic recovery efforts.
Who is in charge of the NH Office of Economic Recovery?
On January 17, 2009 Governor John Lynch issued an Executive Order creating an Office of Economic Stimulus within the Governor’s Office. Governor Lynch also appointed state Deputy Attorney General Orville “Bud” Fitch as director of the office, which is charged with assisting the Governor and state agencies in the management and expenditure of federal stimulus funds. This office will be responsible for administering or distributing the federal stimulus funds.