Transportation projects come in under estimates
President Obama says that the transportation projects meant to receive funding under the recently passed economic stimulus bill are coming in under budget. This is good news he points, out, adding that it means more economic stimulus dollars for other projects. MarketWatch reports on some of the economic stimulus areas seeing savings:
Obama noted that Oregon in February and March reported that infrastructure projects have averaged are 30% below what the state had originally budgeted. He also pointed out that competitive bids for a road project in Louisiana brought in a winning offer that was .7 million less than the state had budgeted for the project.
"As a result we have more recovery dollars to go around," Obama said.
This news is likely to help speed up optimism in terms of the chances of economic recovery. It will be interesting how financial markets take this news. It may not help the dollar much — promoting risk appetite and sending other currencies higher — but it should help the stock market.
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