OMB has issued a memo calling on agencies to spend all remaining funds under the Recovery Act to help stimulate the economy and spur job creation.
The White House says nearly 85 percent of Recovery Act funds have been paid out and most remaining funds have been obligated – but that billions remain obligated and must be spent to generate economic activity.
The memo, M-11-34, directs agencies to accelerate the spending of remaining Recovery Act funds in discretionary grant programs, and reclaim them if they have not been spent by September 30, 2013.
Agencies should also establish aggressive targets, consistent with programmatic objectives, for outlaying remaining funds, as well as take steps to complete Recovery Act projects by that date.
