Stimulus price tag: $2.8 trillion

chart_stimulus_pie2.top.gif By Chris Isidore, senior writer


NEW YORK (CNNMoney.com) -- Since the recession began three years ago, Congress has poured a total of $2.8 trillion into the economy in an effort to spur hiring, get people spending again and prop up industries struggling to stay afloat.

While the $858 billion package of tax cuts passed last week was the biggest slice of stimulus yet, it accounts for less than a third of all the money spent since the start of 2008, according to multiple cost estimates prepared by the nonpartisan Congressional Budget Office over the last three years.

The rest came from a combination of the $700 billion Troubled Asset Relief Program, the $787 billion stimulus bill passed in the early days of the Obama administration, and various smaller stimulus programs.

Where did the money go?

Tax cuts represented the largest spigot opened in an attempt to get cash flowing into the economy. About $1.3 billion, or 47% of the money spent, came from reducing taxes for individuals and businesses.

That started with the $168 billion stimulus package approved in early 2008 and signed by President Bush, and ended with the deal between President Obama and Congressional Republicans that was signed into law last week.

Bailouts, primarily of troubled businesses, were clearly the most controversial part of the turnaround efforts. That was the second biggest recipient of Congressional largess, with about $851 billion of the money going to rescue efforts.

The efforts were led by the $700 billion approved for the Troubled Asset Relief Program, which bailed out the nation's major banks and Wall Street firms, financed General Motors' (GM) and Chrysler Group's trips through bankruptcy and helped homeowners modify mortgages they could no longer afford.

The rest of the bailout spending came from the virtual blank check that Congress gave Treasury to prop up mortgage finance giants Fannie Mae and Freddie Mac. The money given to those firms stands at $151 billion -- and counting.

Public works projects like road and school repair or efforts to develop clean energy and high speed rail, along with help for state and local governments, was a relatively small part of the total stimulus -- just over $250 billion, or about 9% of the spending, most of it found in the stimulus act passed at the start of the Obama administration.

Direct help to the unemployed, which a study by the CBO estimates is one of the most efficient ways to help the economy because the money is spent so quickly, accounted for about $165 billion of the spending, or about 6% of the help approved by Congress.

Some of the highest-profile efforts that put money directly into the pockets of consumers -- such as Cash for Clunkers and the homebuyer tax credit -- were actually a tiny sliver of the stimulus pie, each accounting for less than 1% of total money spent. 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 15,354.40 121.18 0.80%
Nasdaq 3,498.97 33.73 0.97%
S&P 500 1,667.47 17.00 1.03%
Treasuries 1.95 0.08 4.50%
Data as of 2:09pm ET
Company Price Change % Change
Bank of America Corp... 13.43 0.07 0.52%
Cisco Systems Inc 24.24 3.03 14.29%
Microsoft Corp 34.87 0.79 2.32%
Ford Motor Co 15.08 0.44 3.01%
General Electric Co 23.46 0.19 0.82%
Data as of May 17
Sponsors

Sections

The Yahoo board reportedly has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr. More

Stars ranging from royalty to Playboy playmates have pitched for the weight-loss company over the years. See some of the most memorable Weight Watchers celebrity spokespeople. More

Between ballooning student loans, credit cards and money owed to family members, graduates of the class of 2013 are facing an average $35,200 in debt, a Fidelity survey found. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.