January 5, 2009
Posted: January 5th, 2009 08:35 AM ET

From
President-elect Obama is rolling out his plan to stimulate the struggling economy.
President-elect Obama is rolling out his plan to stimulate the struggling economy.

NEW YORK (CNNMoney.com) - President-elect Barack Obama was set Monday to begin the push for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession.

Obama will meet with top legislators from both parties including House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., as well as Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader John Boehner, R-Ohio.

The plan will include about $300 billion in tax cuts for individuals and businesses, an aide to the transition told CNN. Obama has not publicly put a price tag on his overall stimulus plan, though his advisers have said they expect it to fall between $675 billion and $775 billion, 40% of which would be in tax cuts.

Full story

Filed under: Economy • Obama transition


gerry   January 5th, 2009 1:16 pm ET

Looks like Joe the plumber gets a tax break-how about that?

richard rohde   January 5th, 2009 1:15 pm ET

Proud American made a comment without calling anyone an idiot. Oh I see, it was an Obama puff piece.

Farrell, Houston, Tx   January 5th, 2009 1:15 pm ET

President Bush is the worst president in history and Americans said nothing as he took our country in every possible wrong direction. Obama hasn't begun his presidency and there are those who have a lot of negative things to say because they too like Bush have no vision and no solutions, just complaints that lead to their own failures. We've had 8 years of failures and it's time to lift our heads and move forward.

robbie   January 5th, 2009 1:04 pm ET

I'm glad to the economic recovery plan will center on bringing immediate relief to lower and middle America...I work 1.5 jobs and am still one paycheck away from insurmountable debt (student loans, car loans, insurance, health insurance +ridiculous medical bills even AFTER insurance pays their part). My debts aren't the result of frivolity or irresponsibility...and I'm sure there are millions more like me who play 'by the rules' and are still getting sidelined in this economy.

Sye the Pychic   January 5th, 2009 1:04 pm ET

John Boehner?This scumbag never reached across the isle in his life.Bleep him.I see a short honeymoon in the future.

Kevin B   January 5th, 2009 1:02 pm ET

Now is the time for all americans to pull together or the sake of the nations long term economic interest. It is time put away the childish liberal/conservative usless back and forth.

It is everyones interest for President Obama to be sucessful. Dwindling retirement accounts, depressed home prices, rising unemployment, crumbling infrastructure do not allow for business as usual.

A combo of tax relief and smart investments will revive the stagnant economy.

We are not a red or blue America. We are the United States of America !!

Pat   January 5th, 2009 12:52 pm ET

The only reason he has Tax Cuts is to get the Repubilicans on board for this trillion dollar train wreck. Any History majors want to tell how the Roman Empire fell. Don't watch a show on the Roman Empire it is too eerie as to the similarities with the US. The Trillion dollars include money for unemployment (zero new jobs), money for medicare/medicaid (zero new jobs) and states have already broke the code and cut Highway and construction money out of their budgets because they know free cheese is coming from the Fed Government (net no new jobs just change who funds the jobs). When are we going to wake up and see at 10 1/2 Trillion in debt the Federal Government buying and spending anymore is like the brokest person on your street doing it. Please somebody get this disaster in DC under control.

Larry   January 5th, 2009 12:51 pm ET

The "PLAN" for CHANGE???--IDIOTS---

Larry in Houston   January 5th, 2009 12:51 pm ET

Hopefully, Obama will go for a Trillion, instead for the 700 or so.....
Because when the Republicans get IN, (like in 2010) (congress)
There will be a gridlock of never before seen.......Obama will have trouble doing anything, or getting anyting done....

Larry C.
Houston, Texas

Joyce   January 5th, 2009 12:47 pm ET

Go Barack!!!!

Citizen from NY   January 5th, 2009 12:43 pm ET

Repeal or severely overwrite NAFTA, CAFTA and any other similar trade agreements, bring our jobs home and be proud of "American-Made" again, renew/rebuild our infrastructure, for starters. Maybe even close our borders for a few years so we "can clean up home," before we "open house" again.

Barack wins and America loses   January 5th, 2009 12:31 pm ET

Barack is all style and little to no substance.

Substance:

Failed in the Annenberg project – school standards actually were deemed to be the same or lower (his buddy worked with him on that – William Ayers)

No legislation as a State Senator
No legislation as a US Senator

Biggest achievement, is reading teleprompter's well and being very stylish and cool.

Reality:- Substance.

Flies in a big plane that is virtually empty to Hawaii, but is willing to punish all of us for consuming carbon fuel with his Cap and Trade tax and regulation policies (will be the biggest tax hike in our history – hello $6 a gallon gas).

Raise Capital Gains tax to 28% (good bye capital investment and jobs)
Raise Small Business payroll taxes (good bye jobs)
Increase Tariff wars with other countries (good bye jobs)
Raise Estate taxes (double taxation at its worst)
$Trillion dollar stimulus package that will artificially create jobs. What happens to all the families of these jobs, when the money runs out and they are given a pink slip. There is no way we can continue with the excesses of government spending much longer.

His style is great, however, his substance and his beliefs and ideology will bring our once great country on the brink of financial ruin.

Larry in Houston   January 5th, 2009 12:23 pm ET

You said it, Proud American.....
Thanks,
Larry C.
Houston, Texas

inuk of the north   January 5th, 2009 12:15 pm ET

Wow! These make the Bush tax cuts look puny by comparison.

Tax cuts to big corporations, small corporations, those earning less than $200K, heck even those not paying taxes are getting tax refunds.

The Dems are raiding the public treasury like pirates. Welcome to the biggest deficit in the world's history. Ramp up the money printing presses. Get ready for a US dollar that buys less than a peso. Do these people have no conscience?

Brian From Fort Mill, SC   January 5th, 2009 12:02 pm ET

Proud American January 5th, 2009 11:28 am ET

Thank You Mr. President elect, and I hope your being paid for starting your job early.
-----------–
That would be nice, but I don't think the President gets overtime.
If they did, then we should also dock George Bush's pay for the last two months.

Joe the Troll   January 5th, 2009 11:55 am ET

That $300 billion in tax cuts must be a huge disappointment to the people who've been crying about the "tax and spend socialist" that they say has been elected.

David, Silver Spring, MD   January 5th, 2009 11:48 am ET

I am really disappointed to see Obama pushing tax cuts as part of this economic stimulus. We need investments in national infrastructure. For the last eight years, all we've heard is that tax cuts solve everything. Instead, they made everything worse.

Here Obama has a chance to really push his agenda, and instead he wants to abdicate the role of the government and put his faith in private enterprise?

Near as I can tell, this may as well be a Republican plan.

PoliticoMike   January 5th, 2009 11:48 am ET

It's in funny how all those were worried that Obama would be raising taxes and not do well with the economy and come to find out, the guy's plan includes 40 percent of tax cuts for all!

Go eat it, McCain/Palin/Plumber!

david   January 5th, 2009 11:47 am ET

While something needs to be done to stimulate the economy and turn around the nightmare we are heading into, we need to take our time to evaluate the impact upon our ability to pay for it all and not just rely on " future generations" to foot the bill. We are in a deep hole because of a lack of appropriate considerations by both democratic and republican congresses and administrations to deal realistically with the scope and ways and means of the budget. Unless done very carefull this could just add to our problems.

Greg Pottstown, Pa.   January 5th, 2009 11:36 am ET

Can someone set me strait? If we cut taxes and increase spending how do we end up with a balanced budget? During the election campaign Obama was always talking about balancing the budget. Is that no longer a concern?

Maybe this is a dumb question but if we are digging a hole now then how will bringing less money in and spending more get us out of debt?

Franky   January 5th, 2009 11:29 am ET

Like I said, people better waste money with all that tax cut...NO EXCUSE!!!

Proud American   January 5th, 2009 11:28 am ET

Thank You Mr. President elect, and I hope your being paid for starting your job early.

Richard A. Spomer   January 5th, 2009 11:27 am ET

Well he needs to be inclusive of everyone on a significant tax cut as soon as possible. Even if it looks like opening the spiked and letting money flow, then turn around and raise taxes at a later date.

Then it may look like Reagan-ergonomics’, but he needs to be mindful like the Clinton era to reduce the Budget Deficit! So he will master an overall budget crises, and turn it in his favor.

Sherrol in Canada   January 5th, 2009 11:24 am ET

Pelosi and Obama are now speaking to the press, they seem comfortable enough.

New Yorker   January 5th, 2009 11:24 am ET

Tax cuts and spending? So, we cut the income of the government while government is going to spend more, and this is going to help? THIS is "Change we can believe in?"

Lisa   January 5th, 2009 11:22 am ET

I thought he isn't President until 1/20...

karen-phoenix   January 5th, 2009 11:21 am ET

Yea!!!! As a republican for over 40 who voted and prayed for Obama and Biden I am thrilled to see how fast he is moving. NOT one single republican had better block a thing he wants to do!!! I'm sooo ashamed of what the republican party has done to our country over the last 8 years and they should get down and kiss Obama's feet for even trying to get us out of this mess!!!!

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