American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act (ARRA) was a law enacted in February 2009 in response to the economic downturn caused by the 2008 financial crisis. Its primary goal was to stimulate the economy through a combination of tax cuts, public spending, and job creation. The act allocated approximately $787 billion to various sectors, including infrastructure, education, healthcare, and renewable energy.
ARRA aimed to save and create jobs, promote economic growth, and invest in critical areas to enhance long-term productivity. The legislation also included provisions for social welfare programs and aimed to support state and local governments facing budget shortfalls.