Oct 22 2024
State and Local Fiscal Recovery Funds: Harnessing Federal Investment for Locally-Led Growth
In response to economic challenges stemming from the pandemic, the Biden-Harris administration and Congressional Democrats set up the first program in U.S. history to provide flexible fiscal relief directly to small and mid-sized counties and cities, in addition to states, Territories, and Tribal governments. This American Rescue Plan program, known as the “State and Local Fiscal Recovery Funds” (Recovery Funds), gave governments across the country both the resources and the flexibility to invest in local needs. The program has brought billions of dollars to areas that previously haven’t accessed high levels of federal investment and has provided evidence that, when given access to adequate federal funding, local leaders will make investments that drive the U.S. economy from the ground up.