Stimulus tied to 2.2 million jobs - White House

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- The government's Recovery Act is responsible for between 2.2 million and 2.8 million jobs through the first quarter of 2010, according to the latest stimulus report from President Obama's chief economic adviser.

The report, from the White House's Council of Economic Advisers, says the $787 billion economic stimulus is on track to create or save 3.5 million jobs by the end of the year.

"From tax cuts to construction projects, the Recovery Act is firing on all cylinders when it comes to creating jobs and putting Americans back to work," Vice President Joe Biden said in a statement.

The American Recovery and Reinvestment Act, which was signed into law in February 2009, is the largest simulus program in the nation's history. While the Obama administration credits the stimulus with lifting the United States from the recession, Republican critics also look to the nation's 9.7% unemployment rate as proof that the act fails to create long-term jobs.

So far $525 billion of the simulus money has been committed to specific projects and $370 billion has been paid out.

More than $110 billion went to tax relief through credits for first-time homebuyers, for college expenses and for energy-efficient home improvements. Another $90 billion went to unemployment benefits and food assistance through the end of March.

The report is based on a mathematical formula that calculates the number of jobs likely saved or created by stimulus money. The government also collects reports showing the actual number of jobs directly funded by stimulus spending, with the next one due to be released April 30. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,677.61 5.01 0.03%
Nasdaq 4,771.76 13.88 0.29%
S&P 500 2,056.91 5.09 0.25%
Treasuries 1.83 0.01 0.61%
Data as of 4:00pm ET
Company Price Change % Change
Bank of America Corp... 15.83 0.10 0.64%
Apple Inc 112.90 -0.08 -0.07%
General Electric Co 24.56 0.08 0.33%
Microsoft Corp 46.84 -0.34 -0.72%
Intel Corp 35.79 -0.66 -1.80%
Data as of 3:46pm ET

Sections

Apple Pay will barely move the needle in Apple's quarterly financial statement on Tuesday. More

Severe winter storms cost airlines a ton of money -- but they actually hit passengers harder. More

Amazon Studio boss Roy Price has two big reasons why Amazon is going into the movie business. More

First introduced in 2007 as way of sifting through Twitter's newsfeed, the hashtag has since spawned new tech businesses and become a pop culture phenom that retailers are cashing in on. More

Identity thieves are stealing people's Social Security numbers and other key pieces of personal information in order to file a fraudulent tax return and claim a refund, the IRS warned Monday. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.