Jobs / Economy - Fast Facts
All fast facts for Federal Spending are from the non-partisan Congressional Budget Office (CBO),
the National Commission on Fiscal Responsibility and Reform (NCFRR), the Department of Treasury, the Office of Management and Budget (OMB),
and the U.S. Government Accountability Office (GAO). They do not represent all of their reports on this subject. Some simply provide historical
context. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify
and view statements in their full context as often as possible.
President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law April 2012. The bipartisan act makes it easier for small companies to raise money from investors and allow them to go public more quickly.
On Sept. 27, 2010, President Obama signed into law the Small Business Jobs Act, the most significant piece of small business legislation in over a decade. The new law is providing critical resources to help small businesses continue to drive economic recovery and create jobs. The new law extended the successful SBA enhanced loan provisions while offering billions more in lending support, tax cuts, and other opportunities for entrepreneurs and small business owners.
Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers ("qualified employees"). The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer's 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010. In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000.
The Travel Promotion Act was passed on February 25, 2010, known as the "United States Capitol Police Administrative Technical Corrections Act of 2009" and signed into law on March 4, 2010. The intent of the bill is to increase international travel to the United States by improving the image of the United States around the world, thereby creating jobs and stimulating economic growth.
Since its enactment in February 2009, $773.5B has been paid out for the American Recovery and Reinvestment Act of 2009, also known as the economic stimulus.