American Recovery and Reinvestment Act of 2009 From Wikipedia, the free encyclopedia Jump to navigationJump to search "Stimulus bill" redirects here. For other uses, see Stimulus bill (disambiguation). Not to be confused with National Industrial Recovery Act of 1933. The examples and perspective in this article may not include all significant viewpoints. Please improve the article or discuss the issue. (July 2018) (Learn how and when to remove this template message) American Recovery and Reinvestment Act of 2009 Great Seal of the United States Long title An Act making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, State, and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes. Acronyms (colloquial) ARRA Nicknames Recovery Act Enacted by the 111th United States Congress Effective February 17, 2009 Citations Public law 111-5 Statutes at Large 123 Stat. 115 Codification Acts amended Energy Policy Act of 2005 Energy Policy Act of 1992 Public Utility Regulatory Policies Act of 1978 Public Utility Holding Company Act of 1935 Titles amended 16 U.S.C.: Conservation 42 U.S.C.: Public Health and Social Welfare U.S.C. sections amended 16 U.S.C. ch. 46 § 2601 et seq. 42 U.S.C. ch. 134 § 13201 et seq. 42 U.S.C. ch. 149 § 15801 et seq. Legislative history Introduced in the House as H.R. 1 by Dave Obey (D-WI) on January 26, 2009 Committee consideration by Appropriations and Budget Passed the House on January 28, 2009 (244–188) Passed the Senate on February 10, 2009 (61–37) Reported by the joint conference committee on February 12, 2009; agreed to by the House on February 13, 2009 (246–183) and by the Senate on February 13, 2009 (60–38) Signed into law by President Barack Obama on February 17, 2009 Major amendments Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub.L. 111–5), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other 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.[1] The ARRA's rationale was based on the Keynesian economic theory 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. Surveys of economists show overwhelming agreement that the stimulus reduced unemployment.[2][3] In a 2014 IGM Forum survey, only one economist disagreed that the stimulus had lowered unemployment.[3] The survey also showed majority support for the notion that the benefits of the stimulus outweighed the costs, with only two economists disagreeing.[3] The politics around the stimulus was very contentious. On the right, it spurred the Tea Party movement and may have contributed to Republicans winning the House in the 2010 midterms.[4][5][6] Not a single Republican member of the House voted for the stimulus.[7] Only three Republican Senators voted for it.[8] On the left, there were criticisms that the stimulus was watered down and did not do enough.[9] Economist Paul Krugman argued that the stimulus was far smaller than the economic crisis warranted.[5]