DEFINITION of 'American Recovery And Reinvestment Act'
An act initiated and signed by U.S. President Barack Obama in February, 2009. The act was set into motion as a response to the weak economic state facing the country. The American Recovery and Reinvestment Act was created to stimulate the economy through individual and corporate tax cuts, leniency in unemployment benefits, increased domestic spending, and increased social welfare funding.
INVESTOPEDIA EXPLAINS 'American Recovery And Reinvestment Act'
The plan will amount to around $787 billion in government spending. The following is a breakdown of the spending in billions:
-Tax Cuts - $288
-Healthcare - $147.7
-Education - $90.9
-Environment - $7.2
-Social Welfare - $82.5
-Infrastructure - $80.9
-Energy - $61.3
-Housing - $12.7
-Research - $8.9
-Other investments - $18.1
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