Happy Thursday! More than 98 percent of the companies, educational institutions and other groups that have received economic stimulus
money submitted spending reports last quarter, the White House
announced on Tuesday.
The news essentially means that most stimulus recipients turned in their homework on schedule last month, providing federal agencies with
information on how they spent the money. Government officials and
stimulus critics will review the data to determine whether the money is
truly stimulating the economy. (A Congressional Budget Office estimate
released this week suggests the program has created up to 2.1 million jobs.)
"While we are pleased with the increased compliance, we are continuing to work with federal agencies to reach 100 percent
participation and have asked both federal agencies and the Recovery Board to develop penalties for those who don’t comply," White House recovery czar Ed DeSeve said in a statement on Tuesday.
Recovery Board Chairman Earl Devaney has said he plans to go on "the war path" and target "two time losers," or
recipients who failed to publicly report how they're spending taxpayer
dollars when spending reports were due in September and January.