April 27th, 2009
12:59 PM ET
14 years ago

$1 billion a day for stimulus

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/04/10/art.getty.money.jpg caption="A CNNMoney.com analysis of the program's financial reports shows how difficult it is to quickly inject billions of dollars into the economy."]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.

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Filed under: Stimulus
soundoff (34 Responses)
  1. Mississippi Mike

    That's just great. So the stimulus package is costing every American about $3 per day. What has it done for the economy? Nothing yet. Good job Democrats, you've successfully spent billions of dollars and gotten nothing out of it.

    April 27, 2009 02:35 pm at 2:35 pm |
  2. chaka

    Where are the jobs ppl are still getting laid off everyday you should have left some banks fail and save the blue collar workers.

    April 27, 2009 02:35 pm at 2:35 pm |
  3. FactCheck

    But fortunately for us, the GOP cut millions in pork barrel spending from the package... like swine flu vaccine. Yay GOP.

    April 27, 2009 02:57 pm at 2:57 pm |
  4. RR

    And we'll have fun, fun, fun and all our children will pay!

    April 27, 2009 03:21 pm at 3:21 pm |
  5. ken

    Medicaid doesn't seem very stimulative at all.

    April 27, 2009 03:32 pm at 3:32 pm |
  6. Leo in Waco

    I'd fell better about about this unprecedented spending if all the projects were truly urgent and needed. But looking at the package, a lot of it is just spending money for the sake of spending so that Representatives and Senators can appease some of their constituents. Nevermind that our Nation goes hopelessly further into debt. And does anyone really think that any of these "leaders" will have the potical spine to raise taxes and cut spending in the future to pay it off?

    April 27, 2009 04:00 pm at 4:00 pm |
  7. Joe in NJ

    How many jobs have been created so far? Doesn't sound like too many.

    April 27, 2009 04:03 pm at 4:03 pm |
  8. RNC = DNC = politics as usual

    That's 11,574 dollars per SECOND.

    Or 300 dollars a day from every man, woman and child.

    I can only hope that the politicians in power in the RNC-DNC club house are watching this for corruption and waste.

    April 27, 2009 04:04 pm at 4:04 pm |
  9. J.P.

    Sssshhhhhhhh... don't tell the government, but there is an even FASTER way to inject billions into our economy and it doesn't involve an ounce of bureaucratic intervention.

    It's called, "cutting taxes and letting people keep more of THEIR OWN MONEY."

    April 27, 2009 04:13 pm at 4:13 pm |
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