Final answer:
The Economic Opportunity Act of 1964, part of Lyndon B. Johnson's war on poverty, did not allocate a billion dollars for a new Office of Economic Opportunity but provided nearly $1 billion for antipoverty initiatives, including the Job Corps, VISTA, and Project Head Start.
Step-by-step explanation:
The Economic Opportunity Act (EOA) of 1964 was a fundamental piece of legislation integral to President Lyndon B. Johnson's war on poverty and his vision of a Great Society. The Act did not include a billion dollars for a new Office of Economic Opportunity; instead, it provided nearly $1 billion for various antipoverty measures. These included job training through the Job Corps and Neighborhood Youth Corps, small business loans, and support for youth programs such as Project Head Start. It also established Volunteers in Service to America (VISTA), akin to the Peace Corps but focused on domestic anti-poverty efforts.
Notably, the Office of Economic Opportunity (OEO) was responsible for administering these programs. Although the EOA was landmark legislation, its funding represented less than 1 percent of the federal budget, and it faced challenges such as potential fraud and misallocation of resources. The legacy of this Act, while mixed, underscored the federal government's growing role in combating poverty and influencing the economy, following the New Deal's example.