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The White House
Office of the Vice President
For Immediate Release

Vice President Biden Delivers New Report to the President on Recovery Act Progress

Ambitious Spending Targets Met; Cost-Savings Fund 3,000 Additional Job-Creating Projects
Washington, DC – As part of yesterday’s Economic Daily Briefing, Vice President Joe Biden delivered to the President a new report, “Progress Implementing the American Recovery and Reinvestment Act of 2009,” which finds that Recovery Act funds have been put to work on-schedule, projects have frequently come in under-budget and the program now has a lower than average rate of waste and fraud. 
Early on, the Administration identified September 30th, 2010 – or the end of the 2010 fiscal year – as its target date to spend 70 percent of Recovery Act funds and the Act included a number of program-specific September 30th deadlines to award funds as well.  The report not only projects that the 70 percent spending goal was met on September 30th, but also finds that every spending deadline was met on-time or ahead of schedule.
Among the key findings of the report:
  • On-Schedule: The Administration now projects that 70 percent of Recovery Act funds were outlayed by September 30th, with $308 billion in spending paid out and $243 billion in tax relief provided.
  • On-Schedule: Every spending deadline Congress set for putting Recovery Act dollars to work was met on-time and, in many cases, ahead of schedule.
  • Under-Budget: Cost-savings on Recovery Act projects from transportation to military facilities were so great that over 3,000 additional job-creating projects were able to be funded through the Recovery Act.
  • Strong Oversight: Less than 0.2 percent of all reported awards currently have active fraud investigations – far below government averages.
The report can be viewed in full HERE.