A new report released Wednesday by the Council of Economic Advisers (CEA) found that the Recovery Act was responsible for 2.2 to 2.8 million jobs through the first quarter of 2010.
"Recovery Act tax relief and has created over 1 million good American jobs," said Vice President Joe Biden. "From tax cuts to construction projects, the Recovery Act is firing on all cylinders when it comes to creating jobs and putting Americans back to work."
The Recovery Act was signed into law by President Obama on February 17, 2009. The program is a combination of tax relief, financial assistance and infrastructure projects designed to cushion the impact of the downturn and lay a foundation for economic recovery. Since the Recovery Act began a little over a year ago, the economy has posted its largest quarterly GDP growth in six years and largest monthly job gains in three years. So far, $525 billion in Recovery Act funds have been obligated, or committed to specific projects, and, of that, $370 billion has been paid out.