Federal LegislationOn 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. In addition to providing short-term stimulus, according to the White House the act also benefits the nation by:
Click here to read the full text of the American Recovery and Reinvestment Act. Where does the money go?The recovery package provides a total of $789.5 billion in spending and tax cuts over two years. According to the White House the money is distributed like this: $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 How is the money spent?$225 Billion or 28.5% of the total amount is distributed to state and local governments using a funding formula. Of this $225 billion, North Carolina will receive an estimated $6.1 billion. About 35% of the total amount is tax cuts. The rest of the package is awarded competitively or through other mechanisms that cannot b estimated on a state-specific basis. Click here for more detail on the impact of the legislation on North Carolina. |
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