NEW YORK (CNNMoney.com) – The federal government has made available more than $75 billion for stimulus projects in the 10 weeks since President Obama signed the $787 billion recovery package into law.
Not all of that money has hit the streets, however. So far, $14.5 billion has been spent, nearly all of it to help states cope with rising Medicaid costs.
A CNNMoney.com analysis of the program's financial reports shows how difficult it is to quickly inject billions of dollars into the economy. Experts interviewed said they are not surprised by the pace of spending, though they had mixed views on whether the effort would boost the economy.
"There's a natural tension between using taxpayers' money in a prudent way and getting the money out the door quickly," said Isabel Sawhill, a Brookings Institution senior fellow.
The massive recovery package was designed to stimulate the economy and create jobs, as well as assist states and people suffering from the recession by providing funding for education, Medicaid and other public services.
The federal government is now tasked with putting $499 billion to work in coming years. The remaining $288 billion consists of tax relief, the signature program of which, the Making Work Pay credit, began earlier this month.
wow, Barry obama is spending a BILLION DOLLARS a DAY??? He was right, this is CHANGE, we have never had a president spend this out of control in history...
there is a lot of money in there for programs that are not even in exsistance right now. . it is really frustrating to some of us Citizens that money is not being spent in a prudnet fashion, but just being thrown around to make good on campaign promises. I am all for that but lets put the efforts on getting this economy going then implement the pork
Why I am surprised???Dana Bash wrote this article, part of the President should fail taks force!!!!!
"So far, $14.5 billion has been spent, nearly all of it to help states cope with rising Medicaid costs." And yet the republicans don't want to change or improve the health system, how pathetic they are.
Nearly all of it to help states cope with Medicaid costs? Where's the stimuli? Stimulus bill = Tragic failure
I will be glad to be the receiver of just one little billion to help my country to spend all that money.
A billion dollars a day.... kinda makes that 100 million Obama cut look like chump change. And for those of you who will say "hey, 100 million dollars IS a lot", just remember that you mocked McCain during the election when he pledged to cut out all earmarks, which would've been around 18 billion. Care to explain that away, liberals?
Watch out for hyperinflation in the coming months.
Anything Obama does is well thought out by many many minds. You have to take big risks when the stakes are so high. We either rise or fall on these decisions. The Bush administration has left us no other recourse. So let's trust the man... and allow that his policies will not be played out overnight! Patience is the mark of a wise man... or woman. :)
They might as well save the rest of it for Medicaid costs. As soon as Obama's health care system gets put in place, we'll need it.
Doesn't this tell you people enough? We can't pay for the government health care we have now! Medicare, Medicaid, and the VA hae no money. How is the government going to pay for everyone else too?
Watch out for the GOP cry babies who will scream about this. They still refuse to take any responsibility for this mess and will scream about everything we need to do to fix it. Yes it sucks that these draconian measures are needed and that nobody was paying any attention for the past 8 years.
Why doesn't congress just roll over – what good are these people? They allowed this country to be driven into the ground – all they do is talk, talk, talk, talk. American's need to see these people for what they are – politicians.
,,,all I can say is this stimulus plan better work.
But a billion in the stimulus is sooo much better than the BILLIONS still being spent on the war.
But billions in the stimulus is sooo much better than the BILLIONS still being spent on the war.
Once the economy recovers all the stimulous spending should be stopped. The entitlements need to be passed again as an appropriations bill where they should have been passed in the first time.
This is our future, our children's future, being spent carelessly by the most UnAmerican government administration ever assembled...great job libs! Everyone in the free world knew, beyond a doubt, that both GM and Chrysler would crumble. Maybe not into extinction, but everyone knew restructure was on the horizon. However, our "smart," elected officials felt compelled, despite the millions of opinions from REAL financial experts.....now look where we're at....next up? Retail mortgage foreclosures! Stay tuned!
From the aritcle:
"$14.5 billion has been spent, nearly all of it to help states cope with rising Medicaid costs."
So, what's being spent is what is being taken from one group and given to another – not helping the country as a whole get back on it's feet! Typical with Obama's idea of CHANGE!
what's the point of this story? We know that stimulus has been approved and being distributed?
Cnn, I didn't see one headline about the one billion dollars spent on the Iraqi War every day. Why? Because you were covering for Bush?
Going along with bipartisan issue as well. Why was there so few votes from fiscal conservatives. A simple answer is the so called Stimulus Bill, which you would think should stimulate the economy with new intiatives went to fund programs and projects underfunded or over budget like Medicaid, education, ang grant programs. Not quite the infrastructure and jobs it promised.
I'd prefer to see it spent wisely rather than quickly.
I realize we are still losing 650,000 jobs every month and it will take another year or two before we stop losing jobs.
The quickest, most efficient, and most appropriate method of stimulating the economy is to send the money to the citizens it belongs to.
The negative effects of the national deficit will out weigh any actual benefits from this stimulus.
A billion dollars a day might just get our economy running again. It sounds like a lot......and it is. But it beats the heck out of $12 million an hour to invade and occupy a country that never attacked us.
All the GOP leaders, and governors ever do is talk and talk. They say they'll reject stimulus money, and yet not ONE of their states has turned down ANY money yet. They say democrats aren't listening to their plans, and then after several months they come up with an 18 page 'budget' that barely includes any numbers as their 'alternative plan.'
Guess what, this is what democrats did in 2002 and 2004 and they had their hinds handed to them! This is not a strategy! We need to throw out the old GOP leaders who aren't thinking, aren't planning, and are hypocritically lying! We need people of action in the party!