100 Days of the American Recovery and Reinvestment Act

One hundred days ago today, President Obama signed the American Recovery and Reinvestment Act into law. The most sweeping economic package in U.S. history, ARRA is already saving jobs, creating new ones, and putting money in people’s pockets. Today the White House released a report, ”100 Days, 100 Projects” that provides a snapshot of Recovery projects around the country. And during a visit to Thunderbird Hanger at Nellis Air Force Base in Las Vegas, the President talked about the progress we've made so far and all the hard work ahead.

Here’s an excerpt from his remarks:

“But this is just the beginning. There are still too many Americans out of work, and too many who still worry that their job may be next. There are still too many families struggling to pay the bills, and too many businesses struggling to keep their doors open. And that's why we will continue to implement the Recovery Act as quickly and effectively as possible over the next two years. We're just at the start of this Recovery Act. We are going to keep on going through this year and into next year, because we are going to make sure that not only are we putting people back to work, but we're laying the foundation for a better economy. And that's why my administration will continue an unrelenting, day-by-day effort to fight for economic recovery on all fronts.

“Now, I just want to emphasize, even as we clear away some of the wreckage and debris of this extraordinary recession, I've also said that our next task is making sure that this doesn't happen again. We can't return to the same bubble-and-bust economy, borrow-and-spend economy based on maxed-out credit cards and overleveraged banks and financial profits that were only real on paper. We have to lay a new foundation for prosperity -- a foundation constructed on the pillars that will grow our economy and help America compete in the 21st century.”

President Obama has often said that our economic problems weren’t created in 100 days and they won’t be solved in 100 days. But with the Recovery Act in place, we are beginning to see signs of progress.

A few highlights:
– ARRA has saved or created 150,000 jobs.
– Ninety-five percent of working families saw an increase in their paychecks because of the Making Work Pay tax credit.
– Fifty-four million seniors received $250 Recovery Act relief payments.
– The First-Time Homebuyer Tax Credit was expanded to help Americans receive a tax credit of up to $8,000 after the purchase of a new home. Over $3 billion in these tax credits were paid out to qualifying homebuyers.
– Over $25 billion in Medical Assistance (FMAP) funds was made available to states, allowing them to avoid budget cuts to this critical safety net program.
– Over 3,600 transportation construction projects were funded in 52 states and territories.
– An $8 billion investment was made in bringing high-speed rail technology to key corridors across the country.
– A strategic plan was developed to leverage a $4.5 billion dollar investment in Recovery Act funds to finally make a nationwide smart energy grid a reality.