Some light at the end of the tunnel after weeks of conservative gloom and doom. At last look only 11 per cent of the economic stimulus funds had been disbursed.
Economic stimulus spending is currently "slightly ahead of estimates," with $29 billion of the $787 billion stimulus package distributed to state governments through mid-June, according to a new Government Accountability Office report.
The GAO initially forecast that $49 billion would be spent by the federal government in increased transfers to state governments by Sept. 30, the end of the fiscal year. Through June 19, 60% of that amount had been disbursed.
According to the report, 90% of the money distributed has come in the form of increased federal education and health-care grants to state governments. This money has helped many state governments to partially offset budget shortfalls. A much smaller portion has been spent on transportation infrastructure projects, the GAO said.
Source: http://online.wsj.com/article/SB124698265628806371.html
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