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American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009 (ARRA) (), 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.〔(CBO Report Feb 2012 )〕 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".〔(Nobel Laureate Paul Krugman: Too Little Stimulus in Stimulus Plan )〕
==Legislative history==
Both the House and the Senate versions of the bills (were primarily written by Democratic Congressional committee leaders and their staffs ). Because work on the bills started before President Obama officially took office on January 20, 2009, top aides to President-Elect Obama held multiple meetings with committee leaders and staffers. On January 10, 2009, President-Elect Obama's administration released a report that provided a preliminary analysis of the impact to jobs of some of the prototypical recovery packages that were being considered.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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