www.recovery.gov and the American Recovery and Reinvestment Act

Today, President Obama signed the American Recovery and Reinvestment Act, “the most sweeping economic recovery package in our history, ” as the President called it.

An optimistic President Obama signed the massive economic stimulus bill in Denver this afternoon, enacting a law he has said is necessary to avoid catastrophe.

With an estimated 20,000 people getting laid off every day, the new American Recovery and Reinvestment Act is worth about 5 percent of the U.S. GDP.

“We’re talking about huge jobs cuts that are going to be made less huge, and it’s a big deal for the economy,” said Paul Krugman, 2008 Nobel Prize winner in economics and an ABC News consultant, on “Good Morning America” today.

The White House today officially launched a new Web site, www.recovery.gov to show how the funding for the economic recovery package is allocated to federal agencies. Once the money starts going to states, the site will feature a searchable database, allowing Americans to see how and where the money is being spent.

From www.recovery.gov:

“The American Recovery and Reinvestment Act will be carried out with full transparency and accountability — and www.Recovery.gov is the centerpiece of that effort. In a short video, President’ Obama describes the site and talks about how you’ll be able to track the Recovery Act’s progress every step of the way.”