1/7/2024 0 Comments Stimulus billRepublicans were in less of a mood to celebrate. It did not evaluate other administration policies that aided the recovery, such as stabilizing the financial system, rescuing the auto industry and supporting the housing sector. He noted that the report focused solely on the effects of fiscal legislation. “While these figures are substantial, they still nevertheless understate the full magnitude of the administration’s response to the crisis,” Furman wrote. More than 40,000 miles of roads and more than 2,700 bridges have been upgraded, nearly 700 drinking water systems serving more than 48 million people have been brought into compliance with federal clean water standards and high-speed Internet was introduced to about 20,000 community institutions. The report said recovery act spending will have a positive effect on long-run growth, boost the economy’s potential output and ultimately offset much of the law’s initial cost. The remainder was spent on such things as rebuilding roads and bridges, preventing teacher layoffs and providing temporary help for people who lost their jobs or needed other assistance because of the poor economy. Half of the total fiscal support for the economy, or about $689 billion, from the recovery act and subsequent measures was in the form of tax cuts directed mostly at families. White House economic adviser Jason Furman said the American Recovery and Reinvestment Act made other targeted investments that will pay dividends for years to come.īy itself, the stimulus bill saved or created an average of 1.6 million jobs a year for four years through the end of 2012, Furman said in a White House blog post. ![]() Republican leaders in Congress took note of the anniversary, too, but argued that the bill spent too much for too little in return. – The costly $787 billion spending bill that President Barack Obama signed into law soon after taking office boosted the economy and helped avoid another Great Depression, the White House said in a status report on Monday’s fifth anniversary of the law’s enactment. He said in a written statement that the bill provided hundreds of billions of dollars "in excess of meeting the most urgent needs," and he said that endangered the economic recovery.RANCHO MIRAGE, Calif. Jared Golden of Maine was the only Democrat to oppose the measure. The Senate had removed a $US15 per hour federal minimum wage increase by 2025, tightened the eligibility for $US1,400 direct payments and cut the unemployment insurance payment to $US300 per week, down from $US400, and targeted some of the state and local government aid to smaller communities. The House, which passed an earlier version of the legislation, needed to meet again to approve changes made in the Senate over the weekend. ( AP: Patrick Semansky)ĭemocrats were eager to get the final bill to Mr Biden for his signature before current federal unemployment benefits expire on March 14. President Joe Biden has secured a political victory early in his presidency with the passing of a stimulus package he campaigned for. "Everything in the American Rescue Plan addresses a real need, including investments to fund our entire vaccination effort." "I look forward to signing it later this week. "This bill represents a historic, historic, victory for the American people," he said. ![]() The President thanked the House for passing the bill during a press conference on Wednesday night, local time. There will be direct payments for many Americans, as well as money for schools and businesses.įor many Americans there are provisions to provide up to $US1,400 ($1,800) direct payments this year to most adults and extend $US300 ($387) per week emergency unemployment benefits into early September. Republicans in both chambers opposed the bill unanimously, with many arguing against the size and scope of it. ![]() The House vote was almost exactly along party lines, with Democrats securing the bill 220-211. The American Rescue Plan is worth almost $US1.9 trillion ($2.5 trillion) and aims to turbocharge the economy and help millions of Americans impacted by the coronavirus pandemic.
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