USA HISTORY

Detailed explanation-1: -On February 17, 2009, Obama signed into law the American Recovery and Reinvestment Act of 2009, a $831 billion economic stimulus package aimed at helping the economy recover from the deepening worldwide recession.

Detailed explanation-2: -The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019.

Detailed explanation-3: -The Economic Stimulus Act of 2008 contained multiple provisions to boost the economy in the wake of the Great Recession. Individuals could receive an extra tax rebate of up to $600 outright plus $300 for every child. Businesses benefited from increased limits on depreciating assets for tax purposes.

Detailed explanation-4: -In 2008, the American people turned to Barack Obama to lead the country through the worst economic crisis since the Great Depression.

Detailed explanation-5: -February 17 – The White House launches Recovery.gov to explain the American Recovery and Reinvestment Act of 2009, including a video address from President Obama. President Obama signs into law the $787 billion Recovery and Reinvestment Act in Denver, Colorado.