Where is the $787 Billion Stimulus Plan?

When President Barack Obama signed the $787 billion stimulus plan in February, people were relieved that help is on the way. Fast forward to the present, the big question currently raised is: Where's the $787 Billion?

The stimulus plan includes an income tax cut for most Americans earning less than $200,000 a year. Under the plan, individuals would receive up to $500 and families up to $1,000 through a cut in payroll taxes on the first $8,100 in income. It also plans to act on Obama’s agenda on modernizing the economy, health care and education — while creating jobs.

However, unemployment rate reached its worst number since 1983; many are wondering why hasn't it stopped the slide in U.S. employment?

Administration officials said that it takes time to allot money properly, which explains why so little has been spent so far. They also said that $60 billion of the $499 billion in total stimulus spending has been disbursed. The remaining $288 billion consisted of tax cuts. Onvia, a Seattle company that tracks federal spending offers similar numbers as well.

On the other hand, Obama’s economic adviser thinks that the stimulus package is a bit too small and that the Obama Administration underestimated the depth of the recession. But the Obama Administration certainly isn't eager to push for another stimulus package given that 60% of U.S. voters oppose the passage of a second economic stimulus plan this year.

As Theo Francis and Elise Craig wrote on BusinessWeek: Ed DeSeve, senior adviser to the President for recovery and reinvestment, tells BusinessWeek that $157.7 billion has been "obligated" for projects of various kinds, roughly a third of total stimulus spending, and $43.3 billion has been distributed in tax breaks. "We think we're right on target," DeSeve says.

As for now, we continue to wait for the stimulus plan’s magic work.

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