H.R. 1 (111th): American Recovery and Reinvestment Act of 2009
This was a vote to pass H.R. 1 (111th) in the Senate.
It was not the final Senate vote on the bill. See the history of H.R. 1 (111th) for further details.
The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub.L. 111–5), commonly referred to as The Stimulus or The Recovery Act, was a stimulus package enacted by the 111th United States Congress in February 2009 and signed into law on February 17, 2009, by President Barack Obama.
To respond to the Great Recession, the primary objective for ARRA was to save and create jobs almost immediately. Secondary objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019. The Act included direct spending in infrastructure, education, health, and energy, federal tax incentives, and expansion of unemployment benefits and other social welfare provisions. It also created the President's Economic Recovery Advisory Board.
The rationale for ARRA was from Keynesian macroeconomic theory, which argues that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration. Shortly after the law was passed, Nobel laureate Paul Krugman, while supportive of the law, criticized the law for being too weak because it did not "even cover one third of the (spending) gap".
Since its inception, the impact of the stimulus has been a subject of disagreement. Studies on its effects have produced a range of conclusions, from strongly positive to strongly negative and all reactions in between. In 2012, the IGM Forum poll conducted by the University of Chicago's Booth School of Business found 80% of leading economists agree unemployment was lower at the end of 2010 than it would have been without the stimulus. Regarding whether the benefits of the stimulus outweighed its costs, responses were more varied: 46% "agreed" or "strongly agreed" that the benefits outweighed the costs, 27% were uncertain, and 12% disagreed or strongly disagreed. IGM Forum asked the same question to leading economists in 2014. This new poll found 82% of leading economists strongly agreed or agreed that unemployment was lower in 2010 than it would have been without the stimulus. Revisiting the question about the benefits outweighing the costs, 56% strongly agreed or agreed that it did, 23% were uncertain, and 5% disagreed.
This summary is from Wikipedia.
- On Passage of the Bill in the Senate
- Bill Passed
|Required:||Simple Majority||source: senate.gov|
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