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."
Please, lets not forget who are the makers of the financial mess, and their cronies.....GOP!
Also, PLEASE, with the Access of Information and Insider Scopes, we should place their Names on the List of the Corrupted TOP COO, CEO, BANKERS and other affiliations for All, not only the American Taxpayers but the World AFFILIATION of CORRUPTED LEADERS!
Wouldn't that be a very interesting and informative list?
$65 per family? How much did you get from Bush? Better still, how much did he leave you with?
I will most certainly take 65 bucks. Who can argue with free money?
Our electric bill went up 25
In a way, Iraq is to blame for this-we are spending 10 BILLION a month there, and since we have decimated the country, how many more billions do you thin k it will take to repair what we ruined?
The only way to turn this around is jobs and spending. Until we consumers start consuming again, the demand for goods stays low, therefore jobs are not created they are lost. Once we get out of this winter and the heating bills, when people see a bit more in their paychecks, they may spend it.
The other piece, of course, is the housing crisis. We too, bought a house we could more than afford, have paid more than needed every month, and are within three years of being mortgage-free. We also have zero credit card debt. But our home has lost 20% of its value in the last year (thanks, George) and until the renters realize that there will never in their lifetimes be a better time to buy, value will not recover. When housing value drops, local tax revenue drops. So, yes, GWB, we are paying fewer local taxes, but our school system is a wreck, the city wants to lay off police, stop road repair, and is thinking of cutting back on curbside services. I'll be happy to pay the taxes-bring back the services (ie, people!)
Think about it. There's something wrong with this picture American citizens and Obomber. Obomber just signed into law a trillion dollar debt which taxpayers will have to pay off, and there are not enough "rich" (you know, people hated by democrats) taxpayers in this country to pay off a trillion dollars. A trillion dollar debt is a bit more than $65/month take-home-pay, folks, don't you think?
My first post didn't go through.......here is what I said......
$65 adds up to $780 a year, that can be a house payment for some families.
My point was to tell you young'ns to go out and get a job, a second or a third one, too. If you have time to blog and gripe, you should be out "there" working.
This stimulus isn't to give a handout to a bunch of spoiled Americans. I'll bet some of you never had to clean your room at home!
No clothes? Get them at a thrift shop, there is some nice stuff out there if you look for it. Take a shower, cut your hair, clean your nails, and start walking the sidewalks.
I did it and you can, too.
Looks like he's taking some of Bill Clinton's advice and trying to be more positive about our ability to eventually come out of this crisis stronger for having gone though it.
Its easy for everyone to critizize since they are not the ones who really have to make the big decisions and hope it works. It wouldn't make any difference at this point who is the President, people would be screaming. I don't agree with alot of the things that are taking place, however, doing nothing is not the answer. As much as I disliked and still dislike Pres. Bush and the eight years of damage he created, taking God's name in vain, blaming and persecuting everyone that we don't even know and condeming a new administration that has only been in office for four weeks is a bit over the top. All of us are hurting and we really need to cool off. My husband and I are upset; he is very ill, I am his care-giver and I have had to go back to work part-time to make sure we can make it. We are just as scared as everybody else. But I still give thanks for what little we have and some common-courtesy would really go good right now.
Yep and the employer pays more in payroll taxes. How is this helping to bring jobs in? Obama and his liberals have to face the fact that he has to help corporations, small, medium and large and cut their taxes if he doesn't want more jobs overseas. Expect more layoffs with this non thought out plan.
Brian from OR is the only one making any sense. I agree completely and until we all start thinking about and helping one another rather than only thinking about ourselves, we will never come out the other side. Come on all of you; get your heads on straight!
$65/month is pathetic.
Here's an idea. Why don't they keep the $65 and cap all credit card debt at 3% interest rates for 2 years. Then we can all pay off our credit cards and get out debt.
You forgot to list Freddie Mac and Fannie Mae the mortgage companies responsible for most of this meltdown. You forgot to mention the speculators that drove the oil prices up that pushed our economy over the edge just so Obama would get elected.
The only problem is that they trigged things that they never foreseen occurring and it is possible that they have destroyed the foundation of our country forever. Was that their intention? All for Obama?
Now Freddie Mac and Fannie Mae are getting 200 billion dollars to continue their evil practices and history will continue to repeat itself.
The only problem is that they trigged things that they never foreseen occurring and it is possible that they have destroyed the foundation of our country forever. Was that their intention? All for Obama ?
Now Freddie Mac and Fannie Mae are getting 200 billion dollars to continue their e v i l practices and history will continue to repeat itself.
Someone is not telling the truth 8 dollars is not 65 dollars a month.
This is chump change to most Americans. Obama's need to be bigger and better than all other Presidents in history is more about his own ego than it is about any substantive impact. So far, Obama;s "leadership" seems to consist of scolding, cajoling, pontificating and uncorking wine bottles to woo the opposition.
Your local and state goverments will figure out a way to quickly remove that from your wallets.
@Texas Teacher: who exactly is the "little guy" that's a victim here? Is it you? Teachers work only 9 months of the year and, when they do work, it's not even an eight hour day. I don't get a three month sabbatical every year and I work 50-60 hours a week – all but 4 weeks of the year. After nearly 30 years in the workforce I finally get 4 weeks of vacation. But you'll probably retire by 30 years of working and get a nice fat government pension. Me? I have to save for my own retirement. But how can I save anything when I have to pay for you, "the little guy" over and over again? I work my butt off – always have. But I keep paying for your easy life. Now, who's the victim here?
We need more Libertarian Party members elected to government positions.
We're all DOOMED! The stimulus package will do nothing. A few extra dollars in my wallet wont help. They should have taken the 800 billion and paid down everyones credit card debt and mortgages. Yet, they blindly gave the Banks money which then spilled into their friends bonuses. 8 Bucks.. wooweee.. big spender on the little guy.
How about the states of every governor (starting with Sanford's) who opposed the stimulus package and of every Senator who voted against the stimulus package, voluntarily refuse to take any money from that stimulus package, including these tax breaks. In two years, round about election time Nov 2010, we will compare and contrast and see which states are doing better, those who took federal stimulus money or those who refused it on "principle." But no, Sanford will gladly take all the federal money he can get his hands on, even though it's such a "bad idea."
It scares me to think that Texas Teacher may actually be responsible for teaching our future leaders of business. Obviosly the teacher doesn't know jack. The Bush administration tried as early as 2003 to get a handle on the pending financial meltdown. There is video footage of House Financial Services Commitee meetings where Barney Frank, a democrat that got PAID by Fanny and Freddie, said I do not see any evidence that supports this supposed disaster on the horizon. Funny, seems we are at that horizon. And Barney Frank, who squashed a new regulator to look at the way Fanny and Freddie were cooking the books, now has a hand in "fixing" it. Give me break. Do some research before you open your mouth.
The Obama Admin gives, you complain, they don't give you still complain! What is the matter with you all? You caused this problem with your excesses and waste (typical Americans) so just shut up and accept graciously.
And you too Troy – I sincerely hope you enjoy your extra tax money each month. What did bush ever do for us? Oh yea, kill our kids in illegal and immoral wars and bankrupt our nation.
YES! Go Obama. We ALL benefit from your leadership. Now that's bi-partisian.
Texas Teacher – The little man is getting his due – people who did not pay taxes are getting a tax credit. You don't get any smaller than that.
There is plenty of blame to go around – loan sharking mortgage companies forced to make deals with people who could not afford houses by Congress or face discrimination lawsuits. Banks selling mortgages to other banks, betting whether or not they would get paid.
Also, the Bush government, supported by the Dems, spending out of control to make everyone feel better after 9/11. "Wow, I have my own home, the terrorists did not win". Well they're winning now because our economy is at the point of socialization.