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Direct Stimulus Spending Hits $100 Billion Milestone

by Christopher Flavelle, ProPublica Federal agencies have now spent more than $100 billion on contracts, grants, loans, and entitlements, according to Recovery.gov, the site mandated by Congress to track stimulus spending. Combined with the $62.5 billion in tax relief  that’s…

By Douglas A. McIntyre
Published September 29, 2009, 4:42am ET · 1 min read

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by Christopher Flavelle, ProPublica

Federal agencies have now spent more than $100 billion on contracts, grants, loans, and entitlements, according to Recovery.gov, the site mandated by Congress to track stimulus spending. Combined with the $62.5 billion in tax relief  that’s already out the door, total outlays are slightly more than 20 percent of the stimulus package passed by Congress in February.

The $100-billion milestone is a symbolic one. Moreover, as we’ve noted in this space before, the pace of stimulus spending has declined in recent months, from about $1.3 billion daily in its first 100 days to about $570 million a day in September, as large block grants to states gave way to smaller (and slower) spending projects. So while it took seven months for federal agencies to spend their first $100 billion, the next $100 billion may be a longer time coming.

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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