Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014
Abstract
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.
Document Details
- Document Type
- Technical Report
- Publication Date
- Feb 01, 2015
- Accession Number
- ADA615710
Entities
Organizations
- Congressional Budget Office