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Obama Administration Says Most of $787 Billion Stimulus Funds ‘Spoken For,’ But only 50% Spent So Far To ‘Jolt’ Economy

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Penny Starr
CNS News
June 8, 2010

The $787-billion economic stimulus bill was signed into law in February 2009, a federal spending measure that President Barack Obama said was urgently needed to “to jolt our economy back to life.” Fourteen months later, however, only 50 percent of the recovery funds have actually been injected into the economy.
Another 20 percent is supposed to be paid out between now and the end of September, and the balance — $236.1 billion, or 30 percent – apparently will be paid some time next fall and into next year.

The unemployment rate currently is 9.7 percent. In May of last year, it was 9.4 percent.
The recovery.gov Web site, launched by the Obama administration to track the distribution of the $787 billion slated for distribution through the American Recovery and Reinvestment Act of 2009, shows that $398.7 billion has been paid out as of May 21. That means 50.6 percent of the funds has actually been injected into the economy through grants, loans, contracts, entitlements and tax benefits.
Staff at the White House Recovery Office, however, told CNSNews.com that the measurement it uses to come up with the total output includes the amount of dollars already “obligated” for future projects.

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This article was posted: Tuesday, June 8, 2010 at 4:33 am

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