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."
Don't spend your $13.00 all in one place. We paid 850 billion for $13.00 a week. How dumb can the american people be?
We support you President Obama!
The naysayers can go wallow in their putrid pool of hate.
Ma!! pack up the kids and your bags, we got an extra $65 in my paycheck and we're going to the Bahama's for a vacation in April!
Now will we be looking at paying this money back when we file our 2009 taxes?
A family of 4 gets $65 a month, and I being single will get $ 8 a week.
Is this a President bringing change I can believe in?? I noticed he had Earth Wind and Fire playing at the White House. My $ 8 /week would hardly buy a large Pepsi.
$800 billion for the big guys and banks, but only $8 a week for the little guy. And on top of that, the wars continue.
Please show me the change I can believe in.
What I want to ask is this...will the media, will big business, will Wall Street, will the Bush Administration all accept responsiblity for the mess we are in? So far, I hear everyone saying this is Obama's problem, will he be able to face it? Well, it is NOT his dilemma!
The only one who was NOT responsible was little average American who was just so please to be getting a little piece of the pie for once. Loan sharks, lets face it, that is what they were. They were trained to do exactly what they did, which was to deceive the borrower into taking on loans that they well knew they would NOT be able to pay. NO ONE put on the brakes. Bush Administration was just tickled to death! Let Obama take it on! They planned to take NO responiblity. And they have NOT!
The most important thing is jobs.
Once the current job market is stable we must push hard on GREEN jobs to JUMP start the new economy and other supporting jobs.
There is not TIME to waste. We must learn from the last eight years but move boldly to the future.
Time to leave Iraq. It only takes 8 weeks for a US soldier to be trained in the US. Why are we in Iraq for 6+ years?
I wonder what the NASTY Republicans will say about money to rebuild Iraq in the next two months?
Big deal. This averages to $17 for a weekly paycheck. Barry Obama needs to cut taxes by 20% and make it permanent. Then he needs to cut spending. But since he's a Socialist, that will never happen.
Then they said on the news that prices are going up...so that will chew up the $17 a week – this will not stimulate the economy. Companies realize that everyone is getting a small tax cut – so they will take advantage of it.
BTW...I'm not a Republican. I'm a strong Libertarian who is for a small government and low taxes. Both the GOP and the Dems are both the party of clowns where Obama is the Ringmaster of this giant Circus that's located in Washington.
Thank you for your courage and commitment, President Obama.
Americans need to be put back to work, this means buy American made goods, no more hiring H1 and H2 visa workers, keeping E verify so illegal immigrants will not displace American workers, and most important of all is the anhilation of the U.S. chamber of commerce so greed is not put above the interests of American citizens.
I would like to hear someone be willing to hold the real culprits feet to the fire! And accept responsiblity for their part in the whole mess!
$65 dollars extra a month? What are we supposed to do with that? That's pathetic...
For God's sake can their be a break for ONCE for the little man who is the victim? Not since the NEW DEAL did the little man get a break! And you know what, I hear nothing but criticism for that NEW DEAL that bailed out the average man and therefore kicked off the economy! Yes, there was war after, but this time there is war BEFORE... and no one is saying the WAR is RESPONSIBLE for the mess we are in!
I'm one of those responsible people who didn't buy more house than I could afford and pay my mortgage on time every month. I have no problem with other people being helped to pay for their mortgages with my tax dollars. If we don't end this downward spiral of bad mortages causing investment loss, resticted credit and job losses, which creates more bad mortgaes and job losses, my job and then mortgage could be next.
$65 a month - I'll take it.
POTUS ...On point
Shorter GOP: We look forward to blaming you for our obstinacy and backwards approach to policy.
Let the Republican Rushbots begin their 'negative' posts....LOL
I think the Republican Rushbots should refuse any monies that would benefit them. I don't hear them crying about 'Where did that money go that went to the bank buddies of Bush?!' Amazing how they are so obvious with the double standard.
Bush ruined this country's economic system. 1% made out on Bush!
YEAH!!! Tax cuts by the beginnning of April....tax month.....so you can send BACK in the $65 dollars you are getting........good job.......check out barney frank and christopher dodd (crooks) they are SO invovled in fannie mae and freddie mac
I am so proud to be a Republican,I can boast that not one Republican voted to :
Cut off all items for Veterans Affairs were reduced and the $2 billion the Senate wanted for VA construction was wiped out altogether.
Military construction: Cut and put into a general pot, a change from targeted money for each branch of the services. Army construction alone went from $600 million in the Senate and $900 million in the House to $180 million in the final bill. But negotiators compromised over a general military construction fund - the House wanted $3.75 billion while the Senate allocated $118 million and settled on $1.45 billion for all services.
On the other side of the isle the Democrats priorities:
**4 billion for ACORN (A PAID extension of the Democratic Party involved in voter FRAUD)
**the bill includes $30 million for wetlands restoration that the Obama administration will then use to restore MOUSE habitat in the bay.(most people try to get rid of MICE)
**250 million dollars for Pelosi's(a Catholic) CONDOMS (that's a lot of condoms, Nancy)
**Thanks to a sleazy back-room deal between Barack Obama and Harry Reid, the city least in need of government bailouts will get a $8 billion pork project for a train from Disneyland to Las Vagas in the final version of Porkulus. Now Southern California residents can have another way to lose their money, and we can all pay for the ride:
If Obama is really looking ahead ,he will realize his daughters children (his grandchildren)will still be paying taxes on this bill.That’s his legacy.
CNN typo...tax breaks/welfare...if you don't pay in you shouldn't get. Obama says he is giving it to people who don't pay income tax to offset the payroll tax...then why doesn't he just decrease their payroll tax? I hope you idiots that voted for this jack___ enjoy your $65...I hope it was worth it to sell us and the future generations out.
I can't wait for my $65.!! That might pay for the drink Obama had with the Canadian PM. With high taxes in Canada–that's about what your drink will be with socialism coming in.
This guy just simply does not get it. His stimulus bill is for almost 800 billion dollars. He does not know what is going on at Wall Street. People have lost billions of dollars from their 401K and IRA savings. He should go to Wall Street to reverse the trend. There is no trust in his administration. He is a joke to the wall street and that is why our accounts are being wiped out. This is change that we have to believe now. Barack and others can make money at our cost. He has tax cheaters, radicals and dishonest people in his cabinet and administration.
Smaller government and less taxes, that's something I can believe in. At least this is one step in the right direction. Too bad $65 a month can't make up for the rise in prices we have seen over the last year. Thanks for the money, but I still say "a little (amount) too late"
Thank You President Obama for your courage to implement and carry this out and your Cayonees to deal with the Republicans; The naysayers and fearmongers such as Hannity, Coulter and Rush LIMBO.
Our electric bill went up 25%,,,,,,,,,,,,,,,I can use the extra $$ for underwear but cannot find any made in USA