CNN – The Obama administration, issuing its first progress report on the $787 billion stimulus program, said Wednesday that $88 billion has been made available and that it’s ahead of schedule in implementing most initiatives.

Of the $88 billion, some $28.5 billion has been actually spent with nearly $16 billion going for Medicaid payments to the states, according to the report. The administration has also enacted tax cuts under the Making Work Pay program and begun mailing $250 payments to 54 million senior citizens.

Critics, however, say the money is not being spent fast enough to help arrest the economy’s slide. States are now waging yet another round of battles with their budgets after April tax revenues came in under estimates. [read more…]