WASHINGTON (CNN) – President Obama - in his weekly address aired Saturday - announced that the Treasury Department is starting the process of implementing tax cuts from the $787 billion economic stimulus plan he signed into law Tuesday.
Watch: Obama delivers weekly address
"I’m pleased to announce that this morning, the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks – meaning that by April 1, a typical family will begin taking home at least $65 more every month," he said. "Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans."
While Obama touted the stimulus plan, he also cautioned that it’s only "a first step on the road to economic recovery."
"And we cannot fail to complete the journey. That will require stemming the spread of foreclosures and falling home values, and doing all we can to help responsible homeowners stay in their homes, which is exactly what the housing plan I announced last week will help us do," he said.
The president also looked ahead to the White House fiscal responsibility summit Monday, his Tuesday address to Congress and Thursday’s release of the budget, which he said is "sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline."
"None of this will be easy. The road ahead will be long and full of hazards. But I’m confident that we, as a people, have the strength and wisdom to carry out this strategy and overcome this crisis. And if we do, our economy – and our country – will be better and stronger for it."
In the Republican weekly address, Rep. Dave Camp, R-Michigan, said Monday’s summit at the White House is an opportunity for Democrats and Republicans to "reset" and try to work together in a "transparent and bipartisan way."
Watch: Camp lashes out at Democrats in weekly address
And he also weighed in on Obama’s upcoming budget.
"If he is serious about dealing with the tough issues and getting spending under control, his budget will show it."
Tax breaks were the best part of the stimulus. Encourage people to work and give them as much of the money that they earned so that they can support themselves, their families, their mortgages and save for their own retirement. Let's cut spending and then cut taxes even more!
a president who is keeping us updated re: every move he is making... what a breath of fresh air....
Thank you Mr President...
These tax breaks are just a diversion. The reality is that the nearly 1 trillion dollar "stimulus" bill is nothing more than a cynical move by Obama and the Dems to push through spending increases that they've wanted for years. The current fiscal "crisis" is a convenient excuse. Wake up people – we're being played!
To those ingrates that say $65 a month is nothing, let me tell you. It's 1/2 of my grocery allowance. It would sure help me a lot, but I'm over 65 and no one wants to hire an old techie. They'd rather have an Indian with a Green Card.
It could be argued that the democrats have been doing this for years...for themselves – that is unless they get nominated to a gov't position . It's only the republicans that they demand PAY taxes.
Whoop de doo....what you wannta bet the republicans don't protest this.
I support the President in his efforts to revive the economy. Hopefully the stimulus will restart economic processes that have stalled. There is nothing wrong with the economy in the sense that factories are still ready to produce, consumers are still eager to buy, and workers are still eager for good-paying jobs.
The current economic collapse was caused – as should be obvious to everyone – by Conservative Voodoo Economic policies. Deregulation of the financial sector allowed individual executives at a number of banks to become fabulously wealthy by making bad loans and selling that hot paper to investors. While the collapse of the housing bubble was predictable and predicted, no one in the Bush Administration could bring himself to violate the first principle of Conservative economics, which is that any corporation should be allowed to do anything it wants, no matter how much collateral damage it might cause to others.
So much for the Dems being the party of raising taxes.
Thanks Obama for thinking of us non-wealthy folks.
You the man!
Thanks Barack I could use the extra money! I cant believe how much your getting done already!! Theres so much more to do though so keep working hard! Keep up the good work!!!
Just enough to buy the votes, but nothing life changing going on here. I'm always happy to get a couple of hundred bucks in the bank, but at what cost somewhere else?
Don't get me wrong I love money, and I do not want to pay more taxes, but the tax increase to our Employers will stunt our economy more than anything.
What incentive will they have to give raises, or bonuses, or expand business?
Hey where is mine?
Can someone explain to me. If there is a credit crisis and there is no consumer confidence why is it that the government does not put back the provision that you can deduct all interest on credit cards like it use to be before. I bet you that would be better than this miserable tax rebate. Who is thinking in America these days?????????
A "legitimate" President on a true mission. We (my family) have faith in you. You will soon begin to soar. After this miserable storm of the economy, criticisms, etc., you will be a force to be reckoned with. You are the right man – the only man for this time, and you will succeed.
Someone please tell the Republicans to come out of the woods. The war is over. Our guy won. They can stop campaigning.
Alan Keyes, "Rev." Joe Watts, Ken Blackwell, and Michael Steele; Come out of that secret society. God doesn't condone your "crab in the barrel" mentality).
tax cuts? Let's see...we get about $13 a paycheck and then owe a few trillion dollars in return...and then our children will be paying that debt off in their future. Sounds a lot more like a bad credit card deal to me. I think Obama needs to go to one of Dave Ramsey's seminars and learn a little about spending more than you have...and what debt can do to ruin things. The Democrats have no plan to "save" the economy. This is a scam.
I wonder if Gov. Jindel (along with the other "Just say No") GOP southern Govs. are gonna tell the voters in their states not to accept this federal tax relief as well.
Isn't it just like the "compasionate conservatives" (GAG!) to say to their fellow citizens – "Stand on GOP principles, loose your job and only eat 2 meals a day – That'll show them pinko commies in DC and all those unemployment taking welfare mooches what being a real American means".
America is unfortunately yawning at present experiencing no immediate stimulus bounce as evident by the Wall Street Weenies who insist upon immediate profits or sulk in a pity party, yet the stimulus is alive and working as we speak. The immediate stimulus of reduced tax witholding starting on April 1 will be a boon to all not to mention the pleathura of other provisions for energy, business, green economy, new innovation and investment opportunities. Our President may be maligned at present by folks too self-absorbed to be confused by facts, yet he has in essence begun a new economy with his stimulus with long-lasting changes benefitting more than most realize. We can be very proud of our President for acting upon his campaign promises!!!
How are you going to spend your extra $16 per week? I'm sure this will bring us out of what Obama likes to call the worse economic disaster in recent history. If he was serious about tricle up economics, he would've taken $800 billion, divided it by 300 million Americans and given each man, woman and child about $2,500 or $10,000 for a family of four.
Here is the tax-cuts the Republicans were crying about during HR.1...
Oh wait, or don't they want these tax-cuts? The Republicans are so confused. The Republicans would rather have tax cuts for the wealthiest .5%, while the rest of Americans suffer, as we slowly turn into a third world country.
I love this president. Not because I'm getting anything, but because he's doing the right thing.
I can't wait to vote for him again.
$65 or so is going to make a difference to me. Thanks, Prez.
$65 more take home. not much to celebrate. would be nice if obama would just implement a flat tax of X% across the board. obama must not do his own shopping because if he did he would know that $65 buys very little toward household expenses.
#44 just sign into law the Fair Tax HR 25 and you will see the so called crisis turn in to and surplus so fast.
Love him or hate him, you gotta admit this guy has done more work in the first month of his presidency then that idiot did in 8 years. The man is actually trying to fix problems
Thank you, Mr. President. In Michigan we need all the help we can get.
I wonder if this tax reduction can be refused by any Americans who disagree with the President's program. I saw that some Governors are refusing the lengthening of the unemployment payments. Optional?
This is excellent! Big corporations who failed get billions and we get $65 a piece!!!! Wahoo!