DEFINITION
American Recovery and Reinvestment Act of 2009 (ARRA)

U.S. Congress passed the American Recovery and Reinvestment Act of 2009 on February 13, 2009, at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act strives to create new jobs and save existing ones, spur economic activity and invest in long-term grown, and foster unprecedented levels of accountability and transparency in government spending. Among its objectives, the act makes $275 billion available for federal contracts, grants, and loans.

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