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Economic Timeline
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TARP is passed
Troubled Asset Relief Program is created to purchase assets and equity from ailing institutions, beneficiaries include GM and Chrysler to keep them from going bankrupt.
(Trade) -
ARRA is signed
American Recovery and Reinvestment Act.Provides tax cuts and federeal funds to create new jobs to spur economic growth. Due to this funding, many school jobs have been saved and or created. This bill cost the government $97.4 billion. Americas debt rises to $ 11 trillion. (Budget) -
Congress passes financial regulations bill
Aimed at preventing risky behaviour that brought the economy to collapse. Provided for the most profound remaking of regulations since the Great Depression. This new legislation would create a new consumer-protection watchdog housed at the Federal Reserve to prevent mortgage abuse and auto/credit card lending. (Leadership) -
Debt Ceiling Crisis
Congress votes and President signs bill to prevent the economy from defaulting on debt. This involved cuts to entitlement programs and authorized increase in US debt.
(Savings) -
Senate passes bill to tax internet sales
States are now allowed to tax internet sales. Bringing in more revenue to the states. Increasing income to states to keep them from rising debt.
(Trade) -
Federal Reserve to continue bond buying program
Federal Reserve has increasing concerns about weakening growth. They announced they will continue bond buying program to keep money flowing into the economy.
(Budget) -
US GDP rises
US GDP grew 2.6% in the fourth quarter of 2013. Shows growth within the economy. Obama promises further grwoth as time continues.
(Leadership) -
Federal Reserve becomes patient
Federal Reserve claims to be patient of first rate hikes after an extended period of near zero rate target. Signaling first interest rate increases. Growth wil be slow and steady.
(Trade)
