American Recovery And Reinvestment Act,
Definition of American Recovery And Reinvestment Act:
The American Recovery and Reinvestment Act of 2009 (ARRA) is a law passed by the U.S. Congress in response to the Great Recession of 2008. It is more commonly known as the "stimulus package of 2009" or the "Obama stimulus." The package included a series of federal government expenditures aimed at countering the job losses associated with the 2008 recession.
The American Recovery and Reinvestment Act (ARRA) was a massive round of federal spending intended to create new jobs and recover jobs lost in the Great Recession of 2008. This government spending was to compensate for a slowdown in private investment in that year. Lawmakers began work on the bill months leading up to President Barack Obama's inauguration in January 2009. Aides to the incoming president collaborated with members of the U.S. Congress, and a streamlined amendments process allowed for passage in the House of Representatives on January 28, 2009. The U.S. Senate passed its version on the 10th of February.
An investment recovery package of $32 billion, passed in Congress on February 13, 2009, by the U.S. government to serve these main purposes, among others - - to provide financial assistance to struggling states and to stave off rising unemployment in public careers such as educational, police and fire services, - to stimulate economic activity through a $288 billion middle class tax cut, - to award new homebuyers with up to $8,000 in credit, - to reduce health insurance costs for the unemployed (COBRA), - to reduce college costs through savings plans to restart a stalled economy, - to increase government infrastructure jobs with the dual purpose of improving public transportation networks and building green energy technology.
Also called 2009 Stimulus Package.
How to use American Recovery And Reinvestment Act in a sentence?
- The Act consisted of $787 billion in spending (later raised to $831 billion) in tax cuts/credits and unemployment benefits for families; it also earmarked expenditures for health care, infrastructure, and education.
- The American Recovery and Reinvestment Act of 2009 (ARRA) was a fiscal stimulus bill signed by President Barack Obama on February 17, 2009 to deal with the Great Recession.
- ARRA was controversial at the time—with supporters and opponents falling mainly into political camps—and its role in ending the Great Recession remains debated to the present day.
Meaning of American Recovery And Reinvestment Act & American Recovery And Reinvestment Act Definition