On February 13, Congress passed the American Recovery and Reinvestment Act to save and create jobs, get the economy moving again, and transform it for long-term growth and stability. On February 17, President Obama signed the bill into law. According to the House-Senate conference agreement, the Act will:
- Create and save 3.5 million jobs.
- Make us more globally competitive and energy independent.
- Give 95 percent of American workers an immediate tax cut.
- Invest in roads, bridges, mass transit, energy efficient buildings, flood control, clean water projects, and other infrastructure projects.
- Restore science and innovation as the keys to new American-made technology, preventing and treating disease, and tackling urgent national challenges like climate change and dependence on foreign oil.
- Invest quickly into the economy.
According to the nonpartisan Congressional Budget Office, this recovery package will be fast-acting, with 64 percent of the package invested by the end of fiscal year 2010. Here is a summary of ten of the key changes.