Obama’s American Recovery and Reinvestment Plan
Michael Strautmanis Director, Intergovernmental Affairs and the Office of Public Liaison
The American Recovery and Reinvestment Plan
Three Major Components: •Make Large Core Investments to Create Immediate Jobs & Provide a Substantial Return •Cut Taxes For Families and Businesses •Provide Relief to State Governments to Continue Vital Services
Job Creation
• Central to the President-elect’s Plan
• Create Or Save 3 Million Jobs – Public And Private Sectors • Tax Cuts Allowing Businesses to Stop Cutting and Start Producing
• Infrastructure Projects Long Ignored, Relating to a “Green Economy”
The Price Tag
• The Plan is not Finished Yet nor Accounting Behind it.
• President-elect’s Economic Team Currently Estimates between $675 And $775 Billion
The Timeline
• The President-elect Understands The Critical Importance of Relief and is Acting. • Balancing the Urgent Need for a Plan vs. Transparency & Full Deliberation Process • Meeting With Senior Economists And Elected Officials • Preparing To Release Plan