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1 1 (February 2019)

handle is hein.amenin/aeiactt0001 and id is 1 raw text is: ioTn years after te enctmetothe American ~ Rcovry~ an Rinvetmnrt Ac ofQ200 (or siu s la) iome Deputy Staff DLeco of the I-cseW a nd MeaLtns Cocm- rttee Matt a comr ares the predicted aid actual ecornomc outcomes o the siu ua and reviws the repercussons Lhat we sv t I see today, Because of athe aparet infective of 'he Lemporary 2009 stiu a w ers hve sta ed tocal for reating per manent caioaicsiuns euch as- the'B.EVAT Act. ohe ELEVATE Act voud prov:de sharply rising federal payiments to states for emp oy- ment subs;dies ard reiated benefits, and in states wit: thigh uney ployment rates, fed- oral fundiraxwouid pay 100 percent of the subsidies. & While such an approach might improve the timeliness of responses to recessions, pro- posed benefits are temporary and not targeted, and their cos is a ke concer. Ten years after the enactment of the February 2009 American Recovery and Reinvestment Act (A:RRA, or stimulus law) in the midst of the worst economic reces-sion since the Great Depres- sion, the policy implications ofthis legislation con-- tinue to he felt ARRAY included numerous spending and reve- nue provisions, from short-run trnadirional sti mu- lus to lon--run transformative measures It tempo- raril raised the federal matching rare s for Medi- caid, education, and certain transporaMon pro- jects for localities and states. A num of pubilic benefits were extended or made more generous, notably in the Uienmploymaent Insurance programt and the Supplemental Nutrition Assisrance Pro- gram (SNAP). The act also included a number of m-easures providing temporary tax relief to in divid- uats and business, such as the Making Work Pay tax credit and increased deductions for capital depre- ciation of business equipment. Also in it were a number of provisions designed to promote green energy) a precursor to today's calls for even more aggressive efforts on that front When ARPA passed, the Congressional Budget Office (CBO es- timated it would increase budget deficits by $187 billion over to years, with the vast msajority realized by the end of 2052. an estimate that was later revsed upward'

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