Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from October 2012 Through December 2012
CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
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In February 2009, in response to significant weakness in the economy, lawmakers enacted the American Recovery and Reinvestment Act ARRA. The legislation s numerous spending and revenue provisions can be grouped into several categories according to their focus Providing funds to states and localities for example, by raising federal matching rates under Medicaid, providing aid for education, and increasing financial support for some transportation projects Supporting people in need such as by extending and expanding unemployment benefits and increasing benefits under the Supplemental Nutrition Assistance Program formerly the Food Stamp program Purchasing goods and services for instance, by funding construction and other investment activities that could take several years to complete and Providing temporary tax relief for individuals and businesses such as by raising exemption amounts for the alternative minimum tax, adding a new Making Work Pay tax credit, and creating enhanced deductions for depreciation of business equipment.
- Economics and Cost Analysis
- Government and Political Science