American Recovery and Reinvestment Act

from Wikipedia, the free encyclopedia
President Barack Obama signs the American Recovery and Reinvestment Act on February 17, 2009 ; in the background Vice President Joe Biden .

The American Recovery and Reinvestment Act (German American Aufschwungs- and Reinvestitionsgesetz ) is in the United States enacted federal law , which as a stimulus program since 2007 prevailing economic and financial crisis should fight. It was launched by President Barack Obama immediately after his inauguration in mid-January 2009. The bill, with a total volume of around 787 billion US dollars (approx. 625 billion euros), was passed by both Houses of Congress on February 13, 2009 and signed by the President on February 17, 2009.

activities

Tax cuts - $ 275 billion

The law provides income tax refunds of $ 500 for individuals and $ 1000 for married couples , combined with a tax credit of $ 2,500 for students and $ 7,500 for home construction (through June 30, 2009).

Investment in Education - $ 141.6 billion

The modernization of schools in various programs is financed with 79 billion dollars and in a second stage with a further 41 billion dollars. The Pell Grant education grant is to be increased by $ 500, for which $ 15.6 billion is estimated. Another 6 billion dollars are earmarked for the modernization of universities.

Infrastructure investment - $ 90 billion

The infrastructure is to be promoted through modernization and the expansion of existing systems and networks:

  • US $ 31 billion to modernize public infrastructure with a focus on energy efficiency
  • US $ 30 billion for the modernization and expansion of the trunk road network
  • 19 billion US dollars for water, flood control, waste disposal
  • US $ 10 billion for the expansion and modernization of the rail network

Healthcare - $ 112.1 billion

The economic stimulus plan provides for extensive investments in the health system :

  • 87 billion US dollars for the “ Medicaid ” system
  • US $ 20 billion to build a medical information system and introduce electronic health cards
  • $ 4.1 billion for health prevention and information systems

Unemployment - $ 102 billion

To combat unemployment and to create jobs, the following are planned:

  • $ 43 billion for unemployment insurance and education grants
  • 39 billion US dollars for the “Medicaid” health insurance and the “COBRA” program (Consolidated Omnibus Budget Reconciliation Act of 1985)
  • $ 20 billion for the Food Stamp Program, a food program for those in need

Energy saving investments - $ 58 billion

Investments in the energy sector are mainly aimed at exploiting the savings potential:

  • $ 32 billion for a smart grid
  • $ 20 billion in renewable energy tax breaks
  • $ 6 billion to modernize housing

Others

The law provides a $ 198 million in compensation for Filipino veterans who fought on the side of the United States during World War II.

Legislative process

The newly elected President Barack Obama already advertised his planned economic stimulus program at the beginning of January 2009 with a total of 775 billion US dollars.

House of Representatives

At the end of January 2009 the economic stimulus program was introduced and discussed in the House of Representatives . On January 28, 2009, the US $ 819 billion stimulus package was passed by a vote of 244  Democrats against 177  Republicans and 11 Democrats.

senate

In the Senate , the Republicans called for higher tax cuts and more aid for the real estate market. Obama urged the rapid adoption of the stimulus package. On February 7, 2009, Democrats and Republicans agreed to cut the program significantly from $ 940 billion to $ 780 billion. In the meantime, Obama increased the pressure on the Senate to pass the program. Obama went on a promotion campaign for his stimulus program in some states, increasing public pressure. The Senate passed the economic stimulus package on February 10, 2009 with 61 votes to 37. The three Republican Senators Arlen Specter , Susan Collins and Olympia Snowe were won over for the bill.

Mediation process

After the size of the stimulus package in the Senate bill had increased from 827 to 838 billion US dollars, the bill had to be discussed and approved again by the House of Representatives. In the Conference Committee on February 11, 2009 a compromise proposal was worked out, which provided for a financial volume of 789 billion US dollars for the economic stimulus plan in the final version.

Final adoption of the joint bill

The stimulus package was finally approved by the House of Representatives on February 13, 2009 with 246 Democrats against 176 Republicans and 7 Democrats and later in the Senate with 60 Democrats against 38 Republicans.

See also

swell

  1. ^ Congressional Budget Office Report. Last accessed March 2
  2. ↑ AP / news.yahoo.com : "Philippine president grateful for US stimulus bill", on philstar.com, on February 14, 2009 ( memento of the original from March 9, 2016 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.philstar.com
  3. ↑ Peter Gruber: USA: Obama doesn’t mince his words. In: Focus Online . January 9, 2009, accessed December 24, 2014 .
  4. ↑ USA: Obama is promoting his stimulus package to the Republicans. In: Focus Online . January 27, 2009, accessed December 24, 2014 .
  5. ^ “Bittersweet victory for Obama”, on www.focus.de, on January 29, 2009
  6. ↑ US economic stimulus package: Obama feels headwind. In: Focus Online . February 2, 2009, accessed December 24, 2014 .
  7. ↑ US economic stimulus package: Obama warns of catastrophe. In: Focus Online . July 18, 2013, accessed December 24, 2014 .
  8. ↑ Draft compromise: Senate cuts Obama's stimulus package. In: Focus Online . February 7, 2009, accessed December 24, 2014 .
  9. ^ Stimulus package: Obama warns of disaster. In: Focus Online . February 9, 2009, accessed December 24, 2014 .
  10. ↑ Fight against recession: US Senate passes huge stimulus package. In: Spiegel Online . February 10, 2009, accessed December 24, 2014 .
  11. ↑ netzeitung.de of February 12, 2009 Obama thanks Congress for 800 billion aid ( Memento of February 13, 2009 in the Internet Archive )

Web links

Commons : American Recovery and Reinvestment Act  - Collection of Pictures, Videos and Audio Files