American Recovery And Reinvestment Act
Definition
An investment recovery package of $32 billion, passed in Congress on February 13, 2009, by the U.S. government to serve these main purposes, among others -
- to provide financial assistance to struggling states and to stave off rising unemployment in public careers such as educational, police and fire services,
- to stimulate economic activity through a $288 billion middle class tax cut,
- to award new homebuyers with up to $8,000 in credit,
- to reduce health insurance costs for the unemployed (COBRA),
- to reduce college costs through savings plans to restart a stalled economy,
- to increase government infrastructure jobs with the dual purpose of improving public transportation networks and building green energy technology.
Also called 2009 Stimulus Package
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