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Factbox: The U.S. stimulus plan, one year later

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Wed Feb 17, 2010 4:42pm EST

(Reuters) - On February 17, 2009, President Barack Obama signed into law one of the largest packages of tax cuts and spending measures in U.S. history.

The two-year American Recovery and Reinvestment Act, which Obama said would create or save more than 3 million jobs, was originally estimated to cost the federal government $787 billion.

A year later, and halfway through the plan's implementation, Americans are weighing the recovery act's impact on a stubbornly high unemployment rate and the longest and deepest economic recession in nearly 80 years.

Here are some facts:

- So far, $179 billion in the plan has been spent and $93 billion in tax cuts have been issued. Another $154 billion is in the process of being sent out, and $247 billion is left to spend. The remainder comes in tax cuts yet to be granted.

- The Congressional Budget Office revised its cost estimate for the recovery act up to $862 billion from $787 billion last month.

- The administration says it is on track to have disbursed 70 percent of the plan's funds by September 30. To meet that goal, the administration says it will increase its average monthly rate of outlays and tax breaks to $32 billion from the current rate of $27 billion.

- More than $8 billion from the plan has been spent on increased food stamps, as the assistance program for the hungry recently reached a record enrollment of 38 million people.

- By the end of December, the Department of Transportation approved 10,000 highway projects. Of the $34.1 billion the department has made available to states, it has only paid out $8.63 billion.

- The plan increased unemployment benefit payments and extended extra payments for those who could not find work when their regular benefits were exhausted through the end of 2009. Recently, Congress pushed the expiration date of both programs to February 28.

- Nearly $280 billion of the spending will be directed through state governments, including a $48 billion stabilization fund to help states balance their budgets.

- According to figures provided by those who received grants and loans from the plan, 595,263 jobs were created or saved by the plan in the final three months of 2009, the White House said in late January. A previous report, which had used a different method of calculation, said it had saved 640,239 jobs in the prior quarter.

- The White House Council of Economic Advisers estimated there would have been 1.5 million to 2 million fewer jobs in 2009 if not for the stimulus funds.

- The Congressional Budget Office estimates the package is responsible for employing up to 2.4 million people.

- In January, the U.S. employment rate stood at 9.7 percent. A year earlier, when Congress was negotiating the stimulus plan, it had just reached 7.7 percent.

- In the fourth quarter of 2009 U.S. gross domestic product grew 5.7 percent, with two quarters of growth bringing hope that the economy was pulling out of recession.

- Certain projects were designed to make good on Obama's campaign promises and begin work on his long-term policy goals, alongside creating jobs and strengthening social programs. , The plan still has $61.5 billion to outlay for these projects, which include developing high-speed rail, creating more energy efficiency in buildings, updating health information technology, scientific research grants.

Sources: USDA, www.recovery.gov, ProPublica, U.S. Census, Labor Department, Congressional Budget Office, Vice President Joe Biden's Annual Report to the President on Progress Implementing the American Recovery and Reinvestment Act

(Reporting by Lisa Lambert; Editing by Eric Beech)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (3)
dancingva wrote:
These are the facts from an average American. My home value has dropped $30k+ in the past year, my investment property has dropped $40k+ in value in the past year, my son’s business has tanked, my daughter’s office may be moving out of the country leaving her without a job, my 401k is worth half of what it once was, no savings in the savings account, and my dream of retiring is just that… a dream. Illegals have seriously de-valued housing property in communities AND half of the American workers DO NOT PAY ANY TAXES (illegals included) leaving the tax burden on the average and above average wage earner. Our country is being destroyed before our very eyes and we need to wake up. The debt that this administration is placing on Americans is UNSUSTAINALBE! I no longer dream of getting ahead but worry how I’m going to keep my head above water. Our government is the largest UNION organization in the world. There is no way American wage earners can even pay for their retirement packages – let along the monumental debt we keep piling on. God help us.

Feb 17, 2010 1:02pm EST  --  Report as abuse
Anna123 wrote:
I recently was laid off from a job where I worked 15 hours a day and only got got paid for 8 hours.
You are better off not even to be working. If you are you are overworked and underpaid-along with diminishing benefits.

Feb 17, 2010 3:26pm EST  --  Report as abuse
Floop wrote:
Although many Americans may expect the Federal Government to control nearly every human activity and provide a safety net for life, we can now only afford to have them do what the Constitution mandates: maintain the military, protect our borders, regulate our currency, control interstate commerce and the collect taxes to pay for it. Period. If you want them to do more than that, then you don’t agree with the Constitution and you are part of the problem.

Feb 17, 2010 5:27pm EST  --  Report as abuse
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