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How to spend $787 billion

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The Office of Management and Budget issued a 62-page memo (pdf) to agency heads today detailing how to manage the $787 billion in stimulus funding approved by lawmakers and signed into law by President Obama yesterday.

Among other things, the guidance outlines the steps agencies must take to report their spending and program performance data to the Recovery.gov website that’s been created to track how every stimulus dollar is spent and how many jobs are created.

The guidance also establishes requirements for agencies to meet the White House’s accountability objectives, OMB Director Peter Orszag said.

Additional OMB guidance is forthcoming, Orszag said.

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