What is the American Recovery and Reinvestment Act?

The American Recovery and Reinvestment Act (ARRA) was a stimulus package enacted by the U.S. Congress in February 2009 in response to the economic recession. Its primary goals were to save and create jobs, spur economic activity, and invest in long-term growth through infrastructure projects, tax cuts, and social welfare programs. The act allocated approximately $787 billion in federal funds for these initiatives. It aimed to boost the economy, improve unemployment rates, and stabilize financial markets.