The Department of Treasury said in a new report on Thursday that it has delivered over $450 billion to families directly under the $1.9 trillion coronavirus rescue package President BidenJoe BidenRand Paul calls for Fauci's firing over 'lack of judgment' Dems look to keep tax on billionaires in spending bill Six big off-year elections you might be missing MORE signed earlier this year.
The agency said it had disbursed over 170 million stimulus checks by the end of August, amounting to more than $400 billion. It also said it had doled out more than 106 million payments to families since it started sending out monthly child tax credit payments to families in July, tacking on another $46 billion.
Overall, the agency said it has distributed roughly $700 billion out of the $1 trillion it was tasked with managing in programs and tax credits under the president’s American Rescue Plan that was green-lit by Congress shortly before spring.
Provisions packed into the massive relief bill included funding for $1,400 stimulus checks, expansions to the child tax credit and efforts aimed at enhancing unemployment benefits.
In the report, the agency touted job growth since the legislation was signed, noting “over 3 million jobs have been created” in the six-month period and that “job creation has averaged more than 765,000 over the last three months.”
The office also pointed to real GDP growth seen over the first half of the year in touting its efforts.
“Real GDP growth in the first half of the year was strong enough to push economic output above its pre-pandemic peak,” the report stated.
In the first quarter of the year, the nation saw real GDP growth increase to 6.3 percent. The figure rose to 6.6 percent in the following quarter. The agency said personal consumption growth also rose at 11.4 percent in the first quarter and 11.9 percent in the second quarter “on an annualized basis.”