CNSNews.com - Obama Administration Says Most of $787 Billion Stimulus Funds ‘Spoken For,’ But only 50% Spent So Far To ‘Jolt’ Economy

CNSNews.com - Obama Administration Says Most of $787 Billion Stimulus Funds ‘Spoken For,’ But only 50% Spent So Far To ‘Jolt’ Economy

(CNSNews.com) – The $787-billion economic stimulus bill was signed into law in February 2009, a federal spending measure that President Barack Obama said was urgently needed to “to jolt our economy back to life.” Fourteen months later, however, only 50 percent of the recovery funds have actually been injected into the economy.

Another 20 percent is supposed to be paid out between now and the end of September, and the balance -- $236.1 billion, or 30 percent – apparently will be paid some time next fall and into next year.

The unemployment rate currently is 9.7 percent. In May of last year, it was 9.4 percent.