Move over TARP, here is ARRA

ARRA is American Recovery and Reinvestment Act -2009 under which Obama’s much discussed fiscal stimulus would be provided.  It involves $ 275 bn of tax cuts and $ 500 billion of thoughtful government investments in the sector. Right now plan is proposed and Congress would be debating over it.

The bill and summary is prepared by Committee on Appropriations.

Summary of ARRA
Text of Bill

Report

Romer/Bernstein have tried to explain in detail what the plan tries to do. Read Krugman’s criticism of the R/B paper. Here is Obama’s earlier speech at GMU where he explains his plan.

I am still going through the details and is quite focused on infrastructure, green technologies and education. Here is some useful media coverage – WSJ, Reuters..

Update:

I had posted Association of Zoos and Aquariums requested Obama to include reconstruction and  building of zoos and aquariums as part of the fiscal stimulus (it had some economics logic and history backing it).

However, while searching for zoos in the Bill one gets:

SEC. 1109. PROHIBITED USES.

None of the funds appropriated or otherwise made available in this Act may be used for any casino or other gambling establishment, aquarium, zoo, golf course, or swimming pool.

It seems they haven’t lobbied enough.

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