Commerce Secretary Michael Ada, in a link he shared with the Variety, pointed out how the ARRA funds are being spent 17 months after the Act was implemented.
In an article published yesterday on the whitehouse.gov Web site, Ed DeSeve, special advisor to the president for recovery implementation, said the Recovery Act is on track to meet its goal of creating 3.5 million jobs nationwide by the end of 2010.
DeSeve said virtually all the ARRA funds have been allocated and how they were spent has been identified.
DeSeve noted that critics still talk of unspent Recovery Act funds.
He said that two-thirds of the funds are in tax cuts and relief payments, funds that were designed to be spent over a two-year period.
One-third of the Recovery Act funds is the $265 billion for projects — $215 billion of which is under contract and agreement, $25 billion has been awarded but is not under contract yet, and the final $25 billion is in the process of being awarded.
DeSeve said “about 94 percent of the $787 billion Recovery Act is either in tax cuts, payments, or project under contract. Of the remaining 6 percent, half has been awarded and contracts are being finalized, while the other half is in the final stages of the award process.”
He said the the Recovery Act is on track to hit the goal of outlaying 70 percent of the $787 billion in funds in tax benefits by Sept. 30, 2010.
To read the full article, visit http://www.whitehouse.gov/blog/2010/07/27/why-17-months-after-passage-recovery-act-aren-t-all-funds-out-door.
