Economy

Missouri will use $146 million in federal Recovery Act funds and $120 million in state funds on work to address aging wastewater and drinking water infrastructure

November 9, 2009 -- JEFFERSON CITY, Mo. – Missouri Governor Jay Nixon visited construction sites in Liberty and Springfield today to announce the Work Now initiative, which commits more than $260 million in federal and state funds to wastewater and drinking water construction projects in communities across Missouri. Gov. Nixon approved 60 of these drinking water and wastewater projects as appropriate for funding in letters to U.S. Environmental Protection Agency Administrator Lisa P. Jackson.    » read more »

Community Development Finance Corporation to launch a Surety Bond Guarantee Program

BOSTON – Monday, November 09, 2009 – Delivering on the themes of the Patrick-Murray Administration’s Economic Summit held in October, Massachusetts Governor Deval Patrick today announced that the Administration is partnering with the Massachusetts Community Development Finance Corporation (CDFC) to help small, minority- and women-owned businesses and contractors bid on and participate in federal stimulus-funded construction projects.    » read more »

Executive Order Makes California Eligible for Millions of Dollars in Federal Head Start Funds

11/09/2009 -- Building on his commitment to both high-quality early childhood education and bringing available American Recovery and Reinvestment Act (Recovery Act) funding to California, California Governor Arnold Schwarzenegger today issued Executive Order S-23-09 establishing the California State Advisory Council on Early Childhood Education and Care. This is the first step in making California eligible to compete for a share of $100 million in federal Head Start funds available through President Obama’s Recovery Act.    » read more »

Will hire 325 additional bankers to help business owners Demonstrates Chase's support for small business, overall U.S. economy

NEW YORK, November 9, 2009 - Chase announced today that it plans to increase its lending to small businesses by up to $4 billion in 2010, boosting expected new lending to about $10 billion to this vital segment of the U.S. economy.

This will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards. While the $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million, the majority of new loans will be targeted to companies with sales of less than $10 million.    » read more »

Statement by Chair of the President's Council of Economic Advisors Christina Romer

November 06, 2009 -- Today’s employment report contained both signs of hope for recovery and painful evidence of continued labor market weakness.

Payroll employment declined 190,000 in October, continuing the steady trend of moderating job loss that began last spring. Furthermore, the employment loss in both August and September was revised down substantially. Importantly, employment in temporary help services, typically one of the first industries to see job gains, increased by 33,700. The motor vehicle industry also posted employment gains. These are hopeful signs that the unprecedented policy actions are working to stabilize the economy and put us on a path toward recovery.    » read more »

BOSTON – November 06, 2009 – Massachusetts Governor Deval Patrick today announced that Massachusetts has won approximately $2 million in federal stimulus funding to aid in the development of affordable, reliable broadband Internet services for all communities in the Commonwealth. On Wednesday, the Governor met with U.S. Secretary of Commerce Gary Locke in Washington, D.C. to push for the state’s broadband priorities, noting that expanding access to high-speed Internet will create jobs, support business expansion and help students and businesses compete in a 21st global economy.    » read more »

Part of continuing strategy to grow economy, create jobs

November 4, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm today said Michigan is working to become a world center for wind and clean-energy manufacturing, which is part of her strategy to grow the state's economy and create jobs. The governor's remarks came during her address to the American Wind Energy Association's Small and Community Wind Conference & Exhibition in Detroit.

"Michigan is home to one of the world's greatest 20th century manufacturing industries," Granholm said, alluding to the automobile industry. "But our goal is to also become the home of one of the world's greatest 21st century manufacturing industries: wind and clean-energy manufacturing."    » read more »

Recognizes there is more work to be done to get our economy back on track

October 30, 2009 -- Washington, DC – Today, Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, announced that the Recovery Act is meeting its target of creating or saving one million jobs with just a quarter of the funding spent out and is on track to create and save at least 3.5 million jobs by next fall. In Connecticut, the reporting shows more than 7,000 jobs created or saved directly by funding in the Recovery Act, including more than 6,000 in the first district.    » read more »

11/03/09 -- Washington, DC -- Today Congressman Tim Bishop announced that Suffolk County was the top recipient of federal recovery funding outside of New York City in the latest round of stimulus funding reports by the state. Out of the $18 billion distributed statewide, Suffolk County received $1,110,135. The next highest county, Nassau, received $631 million.    » read more »

Roosevelt Room

November 02, 2009 -- THE PRESIDENT: Hello, everybody. I am pleased to be joined this morning by my Economic Recovery Advisory Board. Each of these men and women have extraordinary and diverse expertise in the economy.

I want to especially thank Paul Volcker, who has been a terrific advisor to me since the transition and has continued to help steer this group in ways that are providing us some very practical advice as we move forward.    » read more »

November 3, 2009 -- NEW YORK, N.Y.—Today, Office of Management and Budget Director Peter R. Orszag delivered a speech at New York University entitled "Rescue, Recovery, and Reining in the Deficit." Director Orszag’s appearance is sponsored by New York University and the Robert F. Wagner Graduate School of Public Service at NYU. His prepared remarks are below.

Thank you for that kind introduction; thank you, President Sexton, for the invitation to come speak here today, and thank you all for your warm welcome.    » read more »

Recovery Putting People to Work on Investments with Long-Term Benefit

Nov. 3, 2009 -- WASHINGTON – The Federal Highway Administration crossed the $20 billion mark in approved obligations for highway, road and bridge projects this week, U.S. Transportation Secretary Ray LaHood announced today. Of the $26.6 billion available for federal highway and bridge projects under the American Recovery and Reinvestment Act, more than 75 percent has now been obligated.

“Even though winter is right around the corner, highway and bridge projects are still getting underway, creating thousands of jobs and saving thousands more,” said Secretary LaHood. “The Recovery Act is helping repair America’s roads and bridges while putting people back to work.”    » read more »

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

Application for Part 1 of Pennsylvania’s State Stabilization Funds Approved Today

November 2, 2009 -- U. S. Secretary of Education Arne Duncan today announced that $1.4 billion is now available for Pennsylvania under the American Recovery and Reinvestment Act (ARRA) of 2009. This funding will lay the foundation for a generation of education reform and help save hundreds of thousands of teaching jobs at risk of state and local budget cuts. Pennsylvania will be eligible to apply for another $514,403,320 later this fall.

Today’s funding is being made available per Pennsylvania’s successful completion of Part 1 of the State Stabilization Application, which was made available on April 1.    » read more »

Nov. 3, 2009 -- The Rhode Island Governor’s Office of Economic Recovery & Reinvestment (OERR) today issued updated job figures created or retained by the American Recovery & Reinvestment Act of 2009 (ARRA). The revised job figures shifted down to 1489.49, as compared to 1,703.45 previously reported. The shift is attributed to a comprehensive verification and validation review by the OERR and the various federal agencies that oversee each program.

The 1512 reporting process is part of the Recovery Act that requires data to be collected and provided to the federal government every three months beginning in October 2009. Data required to be reported includes:

* Money received and spent during specified reporting periods
* Award description    » read more »