Virginia and the Federal Stimulus
A Federal Infusion Helps to Stop the Bleeding: The Inside Story of ARRA Funds in Virginia
New Report Shows How Recovery Act Funds Helped Virginia Balance Its Budget
Fiscal relief funds from the American Recovery and Reinvestment Act (ARRA) continue to be a key element in helping Virginia balance its budget, according to a new report by The Commonwealth Institute for Fiscal Analysis.
>>Click here to read this report...
Recovery Act Helps Hard-Hit Localities
Analyzing the Recovery Act's Impact on Virginia's Cities and Counties
RICHMOND, VA -- The American Recovery and Reinvestment Act has delivered $3 billion in direct aid for Virginia families since being enacted in February of 2009, according to a new report by The Commonwealth Institute for Fiscal Analysis.
>>Click here to read more...
One Year Later: Evidence Shows Stimulus Successful
New Report Analyzes Recovery Act's Impact in Virginia
RICHMOND, VA -- One year ago today -- at the height of the current economic recession -- Congress enacted the American Recovery and Reinvestment Act. Since then, the Recovery Act has delivered billions of dollars of assistance to Virginia through direct aid to individuals and the state government, helping families affected by the recession and helping the state avoid deep cuts to healthcare, education and public safety.
>>Click here for the full report
Reinvesting in Virginia
What does the federal Recovery Act hold for the Commonwealth?
The American Recovery and Reinvestment Act (Recovery Act), signed by President Obama on Feb. 17, 2009, will provide Virginia with over $9 billion in additional federal funds to help stimulate the economy and address the state’s fiscal crisis. This total includes approximately $4.8 billion in new federal funding for a broad array of investments and over $4 billion in tax credits and other direct assistance for children, families, the elderly and the disabled.
The increased support will provide the state with new resources to maintain and improve critical priorities such as health care and education, while initiating increased investments in infrastructure, technology and other important long-term needs. The Recovery Act will especially assist low- and moderate-income Virginians, many of whom have been among the hardest hit during the current economic downturn, through tax cuts and other targeted program enhancements.
The investments in the Recovery Act will spur infrastructure improvements, reduce hardship among those who have lost their jobs or are struggling to make ends meet, and help states fill budget holes and, thus, prevent cuts in a host of state services such as education, transportation, and health care. Most important, these investments will spur increased consumer and business demand and, thus, save jobs and create new ones. While the Recovery Act alone is not enough to stop the recession immediately, economists project that it will lessen its severity and length – welcome news to Virginia and the nation.
The Recovery Act provides federal funding and support across a variety of areas as follows.
Breakdown of Recovery Act Funding for Virginia
>>Click here for the full report