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    the american recovery and reinvestment act failed to help american taxpayers. halt rising unemployment. provide funds for state governments. pay for road and bridge construction.

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    The Recovery Act

    President Obama took office in the middle of the worst economic crisis since the Great Depression, at a time the economy was losing over 700,000 jobs a month and in the midst of what we now know was the worst 6-month period for GDP growth in over 60 years.

    The Recovery Act

    President Obama took office in the middle of the worst economic crisis since the Great Depression, at a time the economy was losing over 700,000 jobs a month and in the midst of what we now know was the worst 6-month period for GDP growth in over 60 years. To respond to the crisis, the President took immediate, bold, and effective action, signing the American Recovery and Reinvestment Act into law less than a month after taking office, helping to create jobs and make the investments we need to out-innovate, out-educate and out-build the competition so we can create true economic security for the middle class.

    And despite claims to the contrary, these efforts were successful in preventing another Depression, and returning our economy to growth. As of January 2014, the economy has now added private sector jobs for 47 consecutive months, and a total of 8.5 million jobs has been added over that period.

    A range of independent estimates have confirmed the effectiveness of the President’s actions. According to the non-partisan Congressional Budget Office, the Recovery Act supported as many as 3.5 million jobs across the country by the end of last year. Princeton’s Alan Blinder and Moody’s Chief Economist Mark Zandi estimate that without the financial interventions and Recovery Act, we would have entered another Depression - there would have been 8.5 million jobs less in 2010, and GDP would have been about 6.5 percent lower.

    Through the Recovery Act, which was enacted on February 17, 2009, the President helped deliver crucial support to the economy in three ways.

    The single largest part of the Act — more than one-third of it — was tax cuts. Ninety-five percent of working Americans have seen their taxes go down as a result of the Act. The second-largest part — just under a third — was direct relief to state governments and individuals. This funding helped state governments avoid laying off teachers, firefighters and police officers and prevented states’ budget gaps from growing wider. On an individual level, the Act ensured those hardest hit by the recession got extended unemployment insurance, health coverage and food assistance.

    The remaining third of the Recovery Act financed the largest investment in roads since the creation of the Interstate Highway system; construction projects at military bases, ports, bridges and tunnels; long overdue Superfund cleanups; clean energy projects; improvements in outdated rural water systems; upgrades to overburdened mass transit and rail systems and much more.

    SEE 100 RECOVERY PROJECTS THAT ARE CHANGING AMERICA

    To speed economic recovery and create jobs, every major target of the Recovery Act was reached on time or ahead of schedule. The President’s goal of paying out 70 percent of all Recovery Act funds by September 30, 2010 was a particularly important milestone. In reaching this goal, the Recovery Act put billions of dollars into people’s hands and injected much needed funds into the economy in less than two years.

    Effective implementation of the Recovery Act depended on funding projects that would put every dollar to good use. The Recovery Act did not include earmarks. Instead of letting politics dictate which projects were picked, a competitive, merit-based approach that rewarded innovation and effectiveness was used to make decisions.

    In addition, many Recovery Act programs attracted additional funding from outside the Federal Government in order to promote economic growth. Overall, about $100 billion in funding will ultimately be matched by more than $280 billion in additional investment from outside the Federal Government, much of it from the private sector. This provided desperately needed money to projects and businesses that otherwise might not have been funded.

    And the President’s efforts did not end with the Recovery Act. The President remains focused on jobs even while undertaking a historic reform of health insurance, a large reform of support for higher education, the most sweeping financial reforms since the Great Depression, and pushing for clean energy legislation. After the Recovery Act, the President signed at least six more important jobs bills into law in the following two years: incentives to encourage motor vehicle purchases in the summer of 2009, an expansion of the homebuyer credit and unemployment insurance in the fall of 2009, business hiring incentives in the beginning of 2010, a teachers jobs bill in the summer of 2010, a small business tax cuts and credit expansion bill in the fall of 2010, the tax agreement in December 2011 that included historic tax cuts for American families and businesses, as well as the Payroll Tax Cut.

    Source : obamawhitehouse.archives.gov

    Lesson 2: The Obama Presidency Flashcards

    Study with Quizlet and memorize flashcards terms like What important issues did the United States face during the election of 2008?, Who is Barack Obama?, How was the 2008 election campaign historic? and more.

    Lesson 2: The Obama Presidency

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    What important issues did the United States face during the election of 2008?

    Click card to see definition 👆

    1. an economic recession

    2. war in Iraq and Afghanistan

    3. unrest and instability in the Middle East

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    Who is Barack Obama?

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    first African American president of the United States who ran for president in 2008 and 2012, grew up in Hawaii, graduated from Columbia and Harvard universities, served as a senator from Illinois

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    1/29 Created by lhenroid

    Terms in this set (29)

    What important issues did the United States face during the election of 2008?

    1. an economic recession

    2. war in Iraq and Afghanistan

    3. unrest and instability in the Middle East

    Who is Barack Obama?

    first African American president of the United States who ran for president in 2008 and 2012, grew up in Hawaii, graduated from Columbia and Harvard universities, served as a senator from Illinois

    How was the 2008 election campaign historic?

    two leading candidates for the Democrats were a woman and an African American, Obama became the first African American nominee for a majority, Republicans also nominated a female vice president

    Who is Hillary Clinton?

    ran for the Democratic presidential nomination in 2008, served as First Lady during President Bill Clinton's administration, served as senator from New York, became the secretary of state during Obama's administration

    Troubled Asset Relief Program (TARP)

    lent money to troubled banks, extended loans to help save the American automotive industry, plan was supported by President Obama

    American Recovery and Reinvestment Act (ARRA)

    created an $800 billion economic investment, funded state governments, supplied funding for roads and bridges, and created tax cuts for many Americans

    Deepwater Horizon Oil Spill

    an oil rig (Deep Horizon) exploded in the Gulf of Mexico, thousands of barrels of oil per day spilled into the ocean, marine life, beaches, marshes, and estuaries were damaged, in response Obama established the Gulf Coast Ecosystem Restoration Task Force

    ARRA Environmental Projects

    green job training, marine habitat restoration, water quality

    Omnibus Public Land Management Act

    land and river protection

    Fuel Emissions Standard

    reductions in air pollution

    Affordable Care Act

    requirement for Americans to buy health insurance, protection for Americans with preexisting condition, tax credits for small businesses that insure employees

    Supreme Court and Affordable Care Act

    requiring people to buy health insurance was found to be an acceptable use of power to tax so this was upheld, but other parts of the act were overturned

    Foreign Policy Challenges in North Korea

    North Korea began nuclear testing and development, broke an agreement with the United States and continued to test

    Foreign Policy Challenges in Iran

    Iran began nuclear testing and experienced new sanctions

    Foreign Policy Challenges in Cuba

    Obama eased restriction on communication, travel, and exports, United States continued support democracy

    Foreign Policy Challenges in Mexico

    United States created programs to help fight violence on the US-Mexico border

    Foreign Policy Challenges in Iraq

    United States withdrew most troops by the end of 2011

    Foreign Policy Challenges in Afghanistan

    at first, United States sent more troops to combat terrorist groups, began training Afghan forces with the goal of withdrawing

    Osama bin Laden and al-Qaeda

    Osama bin Laden had planned numerous terrorist attacks against the United States, May 1, 2011- US forces killed bin Laden in Pakistan which caused more difficult US-Pakistan relations, drone attacks continued to target al-Qaeda members and supporters

    In 2012, the Supreme Court ruled that requiring people to buy health insurance is

    a. an abuse of government power.

    b. an invasion of individual privacy.

    c. an acceptable use of the commerce clause.

    d. an acceptable use of the power to tax.

    D) an acceptable use of the power to tax.

    The Troubled Asset Relief Program (TARP) worked to

    a. help Americans who had lost their homes.

    b. help small businesses get low-interest loans.

    c. save factory jobs in high-unemployment areas.

    d. save failing banks and the automotive industry.

    D) save failing banks and the automotive industry.

    During the Obama administration, Hillary Clinton served as

    a. secretary of state.

    b. vice president.

    c. a senator from New York.

    d. first lady.

    A) secretary of state.

    In 2010, Congress passed a major plan to reform

    a. the Pentagon.

    b. campaign spending.

    c. health care.

    d. the Supreme Court.

    C) health care.

    The outcome of the presidential election in 2008 was historic because the United States elected

    a. a former first lady.

    b. an African American.

    c. a former congressperson.

    d. an Asian American.

    B) an African American.

    The American Recovery and Reinvestment Act failed to

    a. help American taxpayers.

    b. halt rising unemployment.

    Source : quizlet.com

    Congressional Record (Bound Edition), Volume 155 (2009), Part 3

    [Congressional Record (Bound Edition), Volume 155 (2009), Part 3]

    [Senate] [Pages 2926-2988]

    [From the U.S. Government Publishing Office, www.gpo.gov]

    AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009

    The ACTING PRESIDENT pro tempore. Under the previous order, the

    Senate will resume consideration of H.R. 1, which the clerk will

    report.

    The assistant legislative clerk read as follows:

    [[Page 2927]]

    A bill (H.R. 1) making supplemental appropriations for job

    preservation and creation, infrastructure investment, energy

    efficiency and science, assistance to the unemployed, and

    State and local fiscal stabilization, for the fiscal year

    ending September 30, 2009, and for other purposes.

    Pending:

    Reid (for Inouye/Baucus) amendment No. 98, in the nature of

    a substitute.

    Murray amendment No. 110 (to amendment No. 98), to

    strengthen the infrastructure investments made by the bill.

    Feingold amendment No. 140 (to amendment No. 98), to

    provide greater accountability of taxpayers' dollars by

    curtailing congressional earmarking and requiring disclosure

    of lobbying by recipients of Federal funds.

    Grassley (for Thune) amendment No. 197 (to amendment No.

    98), in the nature of a substitute.

    Baucus (for Dorgan) amendment No. 200 (to amendment No.

    98), to amend the Internal Revenue Code of 1986 to provide

    for the taxation of income of controlled foreign corporations

    attributable to imported property.

    Ensign amendment No. 353 (to amendment No. 98), in the

    nature of a substitute.

    Dodd amendment No. 354 (to amendment No. 98), to impose

    executive compensation limitations with respect to entities

    assisted under the Troubled Asset Relief Program.

    Barrasso amendment No. 326 (to amendment No. 98), to

    expedite reviews required to be carried out under the

    National Environmental Policy Act of 1969.

    Barrasso (for DeMint) amendment No. 189 (to amendment No.

    98), to allow the free exercise of religion at institutions

    of higher education that receive funding under section 803 of

    division A.

    Baucus (for Boxer) amendment No. 363, to ensure that any

    action taken under this act of any funds made available under

    this act that are subject to the National Environmental

    Policy Act (NEPA) protect the public health of communities

    across the country.

    Baucus (for Harkin/Stabenow) amendment No. 338 (to

    amendment No. 98), to require the Secretary of the Treasury

    to carry out a program to enable certain individuals to trade

    certain old automobiles for certain new automobiles.

    Baucus (for Dodd) amendment No. 145 (to amendment No. 98),

    to improve the efforts of the Federal Government in

    mitigating home foreclosures and to require the Secretary of

    the Treasury to develop and implement a foreclosure

    prevention loan modification plan.

    Baucus (for McCaskill) amendment No. 125 (to amendment No.

    98), to limit compensation to officers and directors of

    entities receiving emergency economic assistance from the

    Government.

    Baucus (for McCaskill) modified amendment No. 236 (to

    amendment No. 98), to establish funding levels for various

    offices of inspectors general and to set a date until which

    such funds shall remain available.

    The ACTING PRESIDENT pro tempore. The Senator from Montana is

    recognized.

    Mr. BAUCUS. Mr. President, to set the stage a little for today, to

    give Senators an opportunity to know the lay of the land, yesterday the

    Senate put in quite a long day, as we all know. By my count, we

    considered 28 amendments, we conducted 8 rollcall votes, and we

    accepted a number of amendments by voice vote.

    I want to highlight one amendment adopted, the Isakson-Lieberman

    amendment, which provides Federal income tax credit for home purchases.

    This amendment addresses one of the central points that Senators on the

    other side of the aisle have been raising, namely that we need to

    address the housing market.

    I might say, Senators on both sides of the aisle are concerned about

    the degree to which we are addressing the housing market. We adopted

    the Isakson-Lieberman amendment that does just that, and I am proud we

    accepted their idea.

    I want to clear up the record on the Cornyn amendment. Yesterday I

    raised a pay-go point of order against the Cornyn amendment. After the

    Senate failed to waive the budget provisions, the Chair ruled the

    amendment violated the budget.

    The budget rules require both the Presiding Officer and myself to

    rely on the Budget Committee to determine whether an amendment violates

    the budget. Budget Committee staff advised my staff and the

    Parliamentarian that there was a pay-go point of order against the

    Cornyn amendment. But in reality the amendment did not violate the pay-

    go rules.

    I apologize to the Senator from Texas for raising that point of

    order. But as the vote to waive the budget was 37 in favor, 60 opposed,

    raising the point of order did not change the result and I hope my

    statement now will clear up the record.

    Looking forward, we expect another busy day today. I expect we will

    Source : www.govinfo.gov

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