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In February of 2009, President Obama signed the American Recovery and Reinvestment Act (ARRA) into law. The National Taxpayers Union (NTU) reports, “This large ‘stimulus’ package was the President’s first major legislative victory, and was designed to minimize the negative impact of the Great Recession through a combination of tax credits and new spending initiatives.” Most of the “stimulus” funds came in the form of increased federal spending, with State and local governments receiving $144 billion in transfer payments to help balance their budgets and keep employees on the payroll. The Congressional Budget Office (CBO) originally estimated ARRA’s cost at $787 billion, that was later revised to $831 billion. Continue reading →