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Stimulus plan funds flowing on schedule; see where they’re going


More than 29 percent ($240.4 billion) of the $787.2 billion stimulus plan funds are now available for use, better than the 25 percent the Obama administration had estimated for the end of July, CNNMoney.com reported today.

Of that figure, $120.4 billion has been paid out, and the administration said a quarter of the stimulus funds will be used by the end of 2009 and 70 percent by the end of 2010.

“The Recovery Act … is helping to slow the decline and change the trajectory of the economy,” said Christina Romer, head of the Council of Economic Advisers, who estimated the stimulus has saved or created 485,000 jobs. “It is providing a crucial lift to aggregate demand at a time when the economy needs it most.”

A quick breakdown of how the money is flowing according to CNNMoney.com:

Tax relief: $288 billion. So far, $53 billion, or 18 percent, has been doled out.

State and local fiscal relief: $144 billion. $74 billion has been made available to help state and local governments balance their budgets.

Protecting the vulnerable: $81 billion. Just less than half — 46 percent, or $37 billion — of these funds have been made available.

Infrastructure and the economy: $274 billion. About $76 billion, or 27 percent, of these funds have been given to projects.

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