“The American Recovery and Reinvestment Act of 2009 (ARRA) was a countercyclical fiscal expansion enacted at a time

“The American Recovery and Reinvestment Act of 2009 (ARRA) was a countercyclical fiscal expansion enacted at a time when U.S. real gross domestic product (GDP) had been contracting at an annual rate of more than 6 percent and employment was falling by more than 750,000 jobs per month. The Act was designed to cushion the fall in demand caused by the financial crisis and the subsequent decline in consumer and business confidence, household wealth, and access to credit. Together with policies to stabilize the financial system, increase liquidity and credit, and address the bursting of the housing bubble, the ARRA was part of a comprehensive policy response to the economic turmoil that gripped the United States and the world economy in the fall of 2008 and early 2009.”