US Treasury releases new data on American Rescue Act’s investments in economic growth
WASHINGTON – Today (March 14, 2023), to mark the second anniversary of the American Rescue Plan (ARP), the U.S Department of the Treasury released a report with new data illustrating the extent to which this funding supported both immediate pandemic recovery and long-term economic growth. By stabilizing our economy and tackling longstanding challenges, the ARP catalyzed investments in community development that will extend well beyond the deployment of federal resources, and laid the foundation for other historic investments in our nation’s economic future, such as the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act.
Following enactment of the American Rescue Plan in March of 2021, the Treasury Department oversaw an historic and unprecedented provision of federal assistance to struggling Americans, including delivering more than 150 million Economic Impact Payments within the first few weeks following the American Rescue Plan’s passage; helping launch a national infrastructure to provide emergency rental assistance and prevent evictions across the country; issuing the first ever monthly payments of the Child Tax Credit which supported tens of millions of families; and rapidly distributing unprecedented Fiscal Recovery Fund resources directly to communities to help local leaders avoid cuts, address local needs, and support rapid, resilient, and equitable recovery.
In two years, the American Rescue Plan:
Delivered direct and flexible aid to over 30,000 state, local, Tribal, and territorial governments Governments have used State and Local Fiscal Recovery Funds (SLFRF) not only to prevent cuts in government services and respond to the immediate health […]