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The American Reinvestment and Recovery Act
The following information is from the
Recovery.gov website:The purpose of the American Recovery and Reinvestment Act (ARRA)
- Save and create more than 3.5 million jobs over the next two
years;
- Take a big step toward computerizing Americans’ health records,
reducing medical errors, and saving billions in health care costs;
- Revive the renewable energy industry and provide the capital
over the next three years to eventually double domestic renewable
energy capacity;
- Undertake the largest weatherization program in history by
modernizing 75 percent of federal building space and more than one
million homes;
- Increase college affordability for seven million students by
funding the shortfall in Pell Grants, increasing the maximum award
level by $500, and providing a new higher education tax cut to
nearly four million students;
- As part of the $150 billion investment in new infrastructure,
enact the largest increase in funding of our nation’s roads,
bridges, and mass transit systems since the creation of the national
highway system in the 1950s;
- Provide an $800 Making Work Pay tax credit for 129 million
working households, and cut taxes for the families of millions of
children through an expansion of the Child Tax Credit;
- Require unprecedented levels of transparency, oversight, and
accountability.
In the face of an economic crisis, the magnitude of which we have not
seen since the Great Depression, the American Recovery and Reinvestment
Act represents a strategic -- and significant -- investment in our
country’s future.
The Act will save and create three to four million jobs, 90 percent of
them in the private sector. It will provide more than $150 billion to
low-income and vulnerable households -- spurring increased economic
activity that will save and create more than one million jobs.
These measures are necessary to help the millions of families whose
lives have been upended by the economic crisis. But, this Act will do
more than provide short-term stimulus. By modernizing our health care,
improving our schools, modernizing our infrastructure, and investing in
the clean energy technologies of the future, the Act will lay the
foundation for a robust and sustainable 21st century economy.
To view the full bill,
click here.
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