Economy

Part of continuing strategy to grow economy, create jobs

November 4, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm today said Michigan is working to become a world center for wind and clean-energy manufacturing, which is part of her strategy to grow the state's economy and create jobs. The governor's remarks came during her address to the American Wind Energy Association's Small and Community Wind Conference & Exhibition in Detroit.

"Michigan is home to one of the world's greatest 20th century manufacturing industries," Granholm said, alluding to the automobile industry. "But our goal is to also become the home of one of the world's greatest 21st century manufacturing industries: wind and clean-energy manufacturing."    » read more »

Recognizes there is more work to be done to get our economy back on track

October 30, 2009 -- Washington, DC – Today, Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, announced that the Recovery Act is meeting its target of creating or saving one million jobs with just a quarter of the funding spent out and is on track to create and save at least 3.5 million jobs by next fall. In Connecticut, the reporting shows more than 7,000 jobs created or saved directly by funding in the Recovery Act, including more than 6,000 in the first district.    » read more »

11/03/09 -- Washington, DC -- Today Congressman Tim Bishop announced that Suffolk County was the top recipient of federal recovery funding outside of New York City in the latest round of stimulus funding reports by the state. Out of the $18 billion distributed statewide, Suffolk County received $1,110,135. The next highest county, Nassau, received $631 million.    » read more »

Roosevelt Room

November 02, 2009 -- THE PRESIDENT: Hello, everybody. I am pleased to be joined this morning by my Economic Recovery Advisory Board. Each of these men and women have extraordinary and diverse expertise in the economy.

I want to especially thank Paul Volcker, who has been a terrific advisor to me since the transition and has continued to help steer this group in ways that are providing us some very practical advice as we move forward.    » read more »

November 3, 2009 -- NEW YORK, N.Y.—Today, Office of Management and Budget Director Peter R. Orszag delivered a speech at New York University entitled "Rescue, Recovery, and Reining in the Deficit." Director Orszag’s appearance is sponsored by New York University and the Robert F. Wagner Graduate School of Public Service at NYU. His prepared remarks are below.

Thank you for that kind introduction; thank you, President Sexton, for the invitation to come speak here today, and thank you all for your warm welcome.    » read more »

Recovery Putting People to Work on Investments with Long-Term Benefit

Nov. 3, 2009 -- WASHINGTON – The Federal Highway Administration crossed the $20 billion mark in approved obligations for highway, road and bridge projects this week, U.S. Transportation Secretary Ray LaHood announced today. Of the $26.6 billion available for federal highway and bridge projects under the American Recovery and Reinvestment Act, more than 75 percent has now been obligated.

“Even though winter is right around the corner, highway and bridge projects are still getting underway, creating thousands of jobs and saving thousands more,” said Secretary LaHood. “The Recovery Act is helping repair America’s roads and bridges while putting people back to work.”    » read more »

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

Application for Part 1 of Pennsylvania’s State Stabilization Funds Approved Today

November 2, 2009 -- U. S. Secretary of Education Arne Duncan today announced that $1.4 billion is now available for Pennsylvania under the American Recovery and Reinvestment Act (ARRA) of 2009. This funding will lay the foundation for a generation of education reform and help save hundreds of thousands of teaching jobs at risk of state and local budget cuts. Pennsylvania will be eligible to apply for another $514,403,320 later this fall.

Today’s funding is being made available per Pennsylvania’s successful completion of Part 1 of the State Stabilization Application, which was made available on April 1.    » read more »

Nov. 3, 2009 -- The Rhode Island Governor’s Office of Economic Recovery & Reinvestment (OERR) today issued updated job figures created or retained by the American Recovery & Reinvestment Act of 2009 (ARRA). The revised job figures shifted down to 1489.49, as compared to 1,703.45 previously reported. The shift is attributed to a comprehensive verification and validation review by the OERR and the various federal agencies that oversee each program.

The 1512 reporting process is part of the Recovery Act that requires data to be collected and provided to the federal government every three months beginning in October 2009. Data required to be reported includes:

* Money received and spent during specified reporting periods
* Award description    » read more »

Includes 11 funded through American Recovery and Reinvestment Act

11/3/2009 -- Raleigh -- North Carolina Governor Bev Perdue announced today that 18 contracts totaling $56.6 million have been awarded for highway and bridge projects across North Carolina, including 11 projects funded through the American Recovery and Reinvestment Act. The contracts were awarded by the N.C. Department of Transportation to the lowest respective bidder, as required by state law. A list of the projects is attached.

“These recovery projects continue to help us to put North Carolinians to work and to deliver critical infrastructure improvements that will have a long-lasting economic impact on our state,” said. Gov. Perdue.    » read more »

Markell lays out “five foundations” for making state government smaller and more cost-effective during budget process in advance of OMB hearings

November 2, 2009 -- WILMINGTON – State government will have at least 1,000 fewer positions than it did in the beginning of his term this January, Delaware Governor Jack Markell announced today. As the Office of Management and Budget begins a month of budget hearings, the Governor laid out five foundations he and his Cabinet are using to make government work more efficiently and cost-effectively to reduce the size and cost of state government.    » read more »

Outlook also better for capital spending and credit availability

SAN FRANCISCO -- November 3, 2009 -- Optimism among small business owners improved during October, driven by improved outlook for revenue, capital spending and hiring, according to the latest results of the quarterly Wells Fargo/Gallup Small Business Index.

Concluded October 9, the latest Wells Fargo/Gallup Small Business Index optimism score came in at negative 15 (-15), a net six-point increase from the previous survey (conducted in July, 2009), and 129 points lower than the Index high of 114 (conducted December, 2006). A score of zero indicates that small business owners, as a group, are neutral -- neither optimistic nor pessimistic -- about their companies’ situations.    » read more »

November 3, 2009 -- WASHINGTON, D.C. – United States Senator Roland W. Burris today announced that American Recovery and Reinvestment Act funds from the Department of Energy have been allocated to Illinois to fund industrial energy efficiency technologies.

The funds will be directed as follows:    » read more »

October 31, 2009 -- WASHINGTON – In this week’s address, President Barack Obama said that while times are still too difficult for too many American families, this week saw real evidence of progress in the economy. On Thursday, we learned that in the third quarter the GDP grew for the first time in over a year, and grew faster than it has in the previous two years.

And on Friday, reports from across the country made it clear that Recovery Act has now created or saved over one million jobs. The American people are still hurting, but these are signs that we are starting to move in the right direction.

Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
Saturday, October 31, 2009    » read more »

640,329 Direct Jobs Reported on Approximately Half of Spending To-Date

October 30, 2009 -- WASHINGTON – The Obama Administration today reported that recipients of Recovery Act funds have informed the Recovery Accountability and Transparency Board that they have created or saved 640,329 direct jobs in reports covering approximately $160 billion, which represents a little less than half of the funds put to work through September 30, 2009.    » read more »