Stimulus Becomes Law

President Barack Obama on Tuesday signed into law the American Recovery and Reinvestment Act in Denver, Colo. “What I am signing is a balanced plan with a mix of tax cuts and investments,” he said in his pre-signing remarks. “It is a plan that’s been put together without earmarks or the usual pork barrel spending. And it is a plan that will be implemented with an unprecedented level of transparency and accountability.” The President touted the launch of Recovery.gov, a Web site created specifically to track the spending of government funds through the act. According to the site, the act will involve $288 billion in tax relief, $144 billion in state and local fiscal relief, $111 billion in infrastructure and science programs, $81 billion toward “protecting the vulnerable,” $59 billion for health care, $53 billion for education and training, $43 billion for energy and $8 billion allocated in an “other” category. At the time this story was published, few details had been published on the distribution of funds within these broader categories, but White House officials said on the site that details would be posted as they became available and as funds make their way into the hands of the departments they are intended for. The President in his remarks on the Act consistently named transparency as a driving objective behind the stimulus, which he said will save or create 3.5 million jobs, spark long-term economic growth and provide tax relief for middle-class hard-working Americans. “We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes — something I’ll talk more about [Wednesday],” Obama said. Read the Act. Write to Diana Golobay at diana.golobay@housingwire.com.