Issue Position: The American Recovery and Reinvestment Act (ARRA)

Issue Position

At the beginning of 2009, the United States was facing its deepest economic crisis since the Great Depression, one that called for swift, bold action. The President and Congress met this challenge by enacting the American Recovery and Reinvestment Act. The goals of this legislation were to strengthen the economy in the short term and invest in our country's future. February 17, 2011 marked the second year anniversary of the enactment of the American Recovery and Reinvestment Act. The evidence is clear -- and continues to grow by the day -- that the Recovery Act is working to cushion the greatest economic crisis since the Great Depression and lay a new foundation for economic growth. Public and private forecasters ranging from the Council of Economic Advisors to Moody's Economy say the Recovery Act is responsible for over 2 million jobs nationwide, and the non-partisan Congressional Budget Office says that number could be as high as 3.3 million. Before the Recovery Act, the economy was shrinking by about 6 percent per year. In the first quarter of 2011, the economy grew at an annual rate of 1.8 percent -- the seventh straight quarter of GDP growth. In fact, the Congressional Budget Office says the Recovery Act is responsible for expanding our economy by as much as 4.5 percent per year. This economic progress coincides with the recent National Bureau of Economic Research announcement that the recession officially ended in June of 2009. And while I will not be satisfied until we begin to see sustained net job growth, job losses today are a fraction of what they were a year ago before the Recovery Act began.

Source