Economy

More than 8,000 ARRA Projects Planned, Nearly 5,000 Under Construction

October 14, 2009 -- FAIRFAX, Va. – President Barack Obama joined U.S. Transportation Secretary Ray LaHood today at the site of the Fairfax County Parkway Extension in Virginia to announce more than 8,000 highway projects have been funded by the American Recovery and Reinvestment Act (ARRA) since its passage in February.    » read more »

October 14, 2009 -- WASHINGTON—The U.S. Commerce Department’s Census Bureau today released retail sales for September 2009. Retail sales fell 1.5 percent, primarily reflecting a 10.4 percent decline in motor vehicle sales. The drop in total sales was smaller than the decrease of 2.1 percent expected by private analysts.

Gasoline sales rose 1.1 percent, and sales excluding motor vehicles and gasoline increased 0.4 percent. In the third quarter as a whole, total retail sales rose 6.4 percent at an annual rate, and sales excluding the volatile motor vehicle and gasoline components rose 0.6 percent.    » read more »

Vilsack Announces $30 Million for 36 Community Facility Projects in 22 States

WASHINGTON, Oct. 14, 2009 – Agriculture Secretary Tom Vilsack today announced USDA is providing $30 million for 36 community facilities projects through the American Recovery and Reinvestment Act, many of which are for healthcare facilities.

To date, USDA has announced more than $335 million in Recovery Act funding for community facilities projects. Altogether, the Department has provided more than $94 million in Recovery Act loans and grants for 146 healthcare projects across the country.    » read more »

Oct. 14, 2009 -- Philadelphia – Pennsylvania’s commitment to energy conservation and green building practices is stimulating the economy and helping to curb emissions of greenhouse gases, Pennsylvania Governor Edward G. Rendell today told the Pennsylvania Green Growth Partnership.    » read more »

October 14, 2009 -- AUGUSTA – Maine Governor John E. Baldacci today submitted final comments to the National Telecommunications and Information Administration concerning proposals for broadband expansion in Maine.

The comments are the final step in a State process to recommend projects for funding from the American Recovery and Reinvestment Act. The National Telecommunications and Information Administration will review the recommendations over the coming months and make the decision on funding through the Recovery Act.

In total, the Governor supported $42.7 million in proposed projects recommended by the Broadband Strategy Council and the ConnectME Authority.    » read more »

October 14, 2009 -- DES MOINES – Iowa Governor Chet Culver announced today that, as state government begins to implement a 10% across-the-board cut in spending, he is going to reduce his state salary by ten percent.

“This national economic recession has meant financial sacrifices for everyone across the State of Iowa, and it should be no different for me” said Governor Culver. “As Iowans face reduced state services and many state employees face the likelihood of layoffs, my office will lead by example in making budget cuts and it will begin with my salary. We must face this challenge together.”

The salary for the Governor of Iowa is $130,000 as determined by state law.    » read more »

October 14, 2009 -- MONTGOMERY - Alabama met the first deadline set by Congress for states to report their use of federal stimulus dollars, Alabama Governor Bob Riley said today.

State agencies reported their use of stimulus dollars and the number of jobs “created or retained” to the federal government over the weekend. It is the first of what will be quarterly updates on how Alabama spends its allotment of stimulus funds.

The federal government will post complete stimulus reports from all states on the Internet on October 30, but Alabama’s stimulus report is already available online at www.stimulus.alabama.gov, Governor Riley said.

Using formulas from the federal government, the stimulus is credited with creating or retaining 4,505 jobs so far.    » read more »

Letter Sent to House Financial Services Committee Chairman Barney Frank

October 14, 2009 -- Washington, DC - In a letter sent today to House Financial Services Committee Chairman Barney Frank (D-MA), U.S. Congressmen Bart Stupak (D-Menominee) and Maurice Hinchey (D-NY) called for strong provisions to protect consumers and the overall economy from the abusive practices of energy speculators.

Stupak and Hinchey were joined by eight other members of Congress in encouraging Frank to strengthen provisions in draft legislation to reform the over-the-counter (OTC) energy markets.

The letter was sent to Frank in advance of a House Financial Services Committee markup of the legislation.    » read more »

Double-Dip Recession Fears Fade; Investors See Brighter Corporate Profits on Horizon - Shift from Cash to Equities

NEW YORK and LONDON, Oct. 14 -- Investors' risk appetite has reached its highest point in more than three years amid continued optimism about the prospects for a global economic recovery and rising corporate profits, according to the BofA Merrill Lynch Survey of Fund Managers for October.

Investors are increasingly confident that the threat of a double-dip recession is waning. A net 65 percent of respondents believe a global recession is unlikely in the next 12 months, up from 47 percent a month earlier. A net 72 percent of respondents believe the outlook for corporate profits will improve in the next year, up from 68 percent a month earlier.    » read more »

October 14, 2009 -- Washington, DC – U.S. Senator Tim Johnson, Chairman of the Senate Banking Committee’s Subcommittee on Financial Institutions, held a hearing today that focused on the current conditions of our nation’s financial institutions and examined the continuing challenges institutions face.    » read more »

Last month, Sen. Casey endorsed legislation to provide a $250 payment

October 14, 2009 -- WASHINGTON, DC -- U.S. Senator Bob Casey (D-PA) today welcomed the support of President Obama for legislation to provide a one-time payment of $250 to Social Security recipients to offset the expected lack of a cost-of-living adjustment (COLA). Last month, Senator Casey cosponsored the Emergency Senior Citizens Relief Act that would provide such a payment to Social Security recipients.    » read more »

Meets Federal Deadline, Continues National-Leading Efforts in Accountability, Transparency

October 13, 2009 -- MADISON – Wisconsin Governor Jim Doyle today announced that the Wisconsin Office of Recovery and Reinvestment on Saturday filed a comprehensive report with the federal government detailing Recovery money spent through the state of Wisconsin, and what impact these dollars are having in Wisconsin communities.    » read more »

Thousands of Jobs Created or Retained

Columbus, Ohio – Ohio Office of Budget and Management Director Pari Sabety today announced that Ohio has met the first federal reporting requirement for American Recovery and Reinvestment Act (ARRA) loans, grants and contracts spending data.

Of the more than $8.5 billion that the state is expected to receive during this multi-year program, approximately $1.6 billion has been expended – only $335.6 million of which falls within the requirements to be reported during this period, the first of quarterly reporting periods (through September 30).    » read more »

Oct. 13, 2009 -- Colorado Governor Bill Ritter today announced that more than 20 state agencies and higher education institutions across Colorado have successfully submitted spending and job information to the federal government for more than $1 billion in grants and loans awarded to the State of Colorado through Sept. 30 from the American Recovery and Reinvestment Act. The state used a new centralized process at no extra cost to report more than 25,000 pieces of required data that will be made public later this month.    » read more »

10/13/2009 -- BOSTON – Senators Paul G. Kirk, Jr. and John F. Kerry sent a letter on October 9, 2009 to Senate Majority Leader Harry Reid, commending his decision to bring Unemployment Insurance extension legislation to the floor of the Senate, and urging him to do so as expeditiously as possible.

Without an extension, more than 1.3 million Americans, including as many as 40,000 Massachusetts residents, will be at risk of losing their UI benefits by the end of this year. The American Recovery and Reinvestment Act, enacted in February, has been providing a weekly supplement to families in need. But, with unemployment continuing to rise, additional action by Congress is urgently needed to continue their benefits.    » read more »