Friday, September 04, 2009
It’s been seven months since Congress passed the American Recovery and Reinvestment Act, commonly referred to as the 2009 stimulus package, which injected $792 billion into the economy to stave off the worst of the economic downturn. So how much of the money has actually been spent? From February, when the package was approved, until now, 15 percent of the funds from the stimulus package have been used. Although some say the money should be spent faster, the government claims it is on track with its earlier projections. Supporters of the stimulus say that slow is good because it permits cautious and deliberate spending. Some agencies complain that the paperwork and approval requirements are obstacles for expedited funding.
While only 15 percent of the stimulus money has been used overall, there is disproportionate spending among departments receiving funds. The website ProPublica has tracked the spending of each department that was allotted a portion of the $792 billion. The Railroad Retirement Board, for example, has spent 88.40% of government funds from the stimulus package, the highest percentage among all the departments. The Social Security Administration has already distributed 86.43% of its funds—a total of more than $13 billion. On the other hand, NASA has spent a meager one one-hundredth of one percent, which puts it at the bottom of the list.
Other slow spenders include the Department of Treasury, the National Science Foundation, and the Environmental Protection Agency with figures at 0.13%, 0.77%, and 1.03%, respectively.
-Jacquelyn Lickness
Stimulus: How Fast We’re Spending $792 Billion (by Christopher Flavelle and Jeff Larson, ProPublica)
Stimulus: What’s been Spent, What Hasn’t? (by David Goldman, CNNMoney.com)
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