CHICAGO (Reuters) – U.S. states and local governments are raring to tap billions of dollars coming their way in new federal stimulus funding, but are anxiously awaiting guidance to determine whether items on their wish lists are allowed.
U.S. Treasury Department guidance is also expected to clarify states’ ability to cut taxes and may address using stimulus money to pay off debt.
The $1.9 trillion American Rescue Plan Act, signed by President Joe Biden in March, allocates $350 billion for states, municipalities, counties, tribes, and territories to help repair their coronavirus-damaged budgets and economies. The federal government has a tight deadline to start distributing the money.
“The clock is certainly ticking. They have to get the money out the door by May 10,” said Mark Ritacco, government affairs director at the National Association of Counties. Read more…..
Chart of the Day
Icarus TV
Peter Lynch talks about how to invest better than professional investors on Wall Street. Lynch managed the legendary Fidelity Magellan Fund where he achieved annualized returns of nearly 30%. He is the author of several best selling investing books including One Up On Wall Street. This interview took place in 1994.
