Stimulus update

The white house released the second quarterly report on the economic stimulus bill. The bill, formally known as the American Recovery and Reinvestment Act of 2009 (ARRA), has a large tracking requirement which gives a detailed view of the spending.

The summary press release is here. The report can be read here.

Here are some highlights from the press release:
$263 billion of $787 billion have been spent or deducted from tax receipts. The spending raised GDP by around 2% and increased employment 640,000 jobs. Total mployment was projected to expand by 1.5 to 2 million jobs due to multiplier effects.