The US government has prepared approximately 787 billion dollars for the rejuvenation of the economy. The allocated money is intended to offer assistance to many people, who are suffering under financial crisis. The said government budget will be spent in ten years. A huge part of it will be given in the first 3 years. In relation to the distribution of the 787 billion dollars, Obama’s debt relief program was established to help some of the citizens reeling under huge and multiple debts.
Together with Obama’s act on the debt relief program, the ARRA or American Recovery and Reinvestment Act of 2009 and Credit Card Accountability Responsibility and Disclosure Act of 2009 are submitted. The US Congress passed the said Acts in order to achieve stability within the market. Another major reason is to make sure that people don’t get trapped with debts. Through ARRA, government grants and loans are offered with a budget of over 200 million dollars. These financial assistance programs help US citizens get a better job and earn adequate income to cope with economic problems.
The Recovery and Reinvestment Act
President Obama’s debt relief program is established to encourage consumer spending. It also aims to produce more employment opportunities that would perhaps alleviate the economic recession. The financial aid under this program is focused on helping people and the nation’s economy to survive the ongoing financial crisis. Despite the existence of recession, the ARRA of 2009 has made sure that it has supplied the necessary force to the economy.
Of the 787 billion dollars allocated money, $288 billion are budgeted for tax benefits whereby individuals and organizations can benefit. A huge part of this amount will be given to families and associations through work pay and earned income tax credits. Through these tax credits, individuals will receive a much higher take home compensation. Also, these will aid them in paying off their loans.
Apart from the 288 billion dollars, another 275 billion dollars are allocated through federal grants, loans, and contracts. Again, this money is intended to stabilize the current status of the economy. One of the many ways developed by the government is to provide a stimulus package wherein people get help in starting their own small business. Additionally, there are also education grants prepared to assist individuals in earning a higher degree, which can help them upgrade their knowledge and skills. By upgrading their credentials, they can get a better job. In particular, college grants for single mothers will provide financial assistance to single moms, who may need to earn a higher degree of education.
Anyone, who might be interested to get into any of the existing financial aid programs of the government, needs to approach the government office to seek details regarding requirements and application procedures. Checking out the government’s official website may also help interested applicants to know more about the proper and appropriate procedures to undergo. The website certainly contains most of the vital information that every candidate must know and understand.