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."
To those of you complaining about the stimulus/tax cut bill:
1. Tax cuts don't work as a stimulus. People who don't have to spend every penny on necessities tend to pay down debt or save the money rather than spend it and stimulate the economy. It's called the paradox of thrift. Look it up.
2. Regardless of how the owners got into their housing mess, their forclosure hurts you, too. When their house doesn't sell, yours loses value. That affects your ability to get credit or sell your house if you have to move. This concept is what started the economic meltdown. Look it up.
3. Policies that have the wealthy helping the poor are not socialism if the poor people's labor is what helped the wealthy to get and keep their money. It's justice. Even if it were, socialism is not a dirty word. It was practiced by the apostles in the early years of Christianity, as described in the book of Acts. Look it up.
4. If you complain that the stimulus doesn't do enough for you, come up with another workable solution that will heal the economic pain caused by so many years of Republican control of the federal government. To do otherwise is just whining. Shut it up.
Texas Teacher February 21st, 2009 1:55 pm ET
So far, I hear everyone saying this is Obama's problem, will he be able to face it? Well, it is NOT his dilemma!
Guess what? On Jan. 20, 2009 it BECAME his dilemma. He wanted the job, campaigned for it for two years, now has to produce. If he keeps whining about the mess he inherited, in 3 years and 11 months someone else will be fixing it. He made lots of promises, time to walk the walk. The time for speeches is over.
Is everyone getting a tax credit this year? I havve herad we would get 400 dollars
You should learn some of the facts before you start posting partisan hate. The Democrats are a huge part in contributing to the downturn in the economy. Before you start bashing Bush about giving money to the banks, you might want to see what Obama is going to do for the banks first. Oh, I forgot, you liberals don't do research. You would rather just blame others for your problems.
Hey everyone. I am a newbie to the game, but it seems to me that those who have the power. or I should say had the power. are not to willing to give it up. All of you rich people are sitting there crying totally about how much they are being hurt to their quick. um let me tell all of you something: this is the worst depression that the US has ever seen for the size of the country we are. Now let's see, when did this all start. It seems to me that Pres. Clinton was the ONLY pres. in American history to balance the budget TWICE within one administration. Now let's see again. Who happened to be in power right after that. Let's see, I think that it might have been George W. Bush, who hacked his way into all of the rich people's hearts (and pocket books). Remember, if it wasn't for Daddy Bush George W. would have never even have made through, much less into, Yale Management school. Would it matter that W was also the only president in history to have 3 (count them: 3) personal bankruptcies during his tenure, only t be bailed out by Daddy Bush (as well as the Bin Ladens, who just happened to be responsible foe the worst case of international terrorism in US history). If you think tat politics, history, and the economy don't mix, then you had better go back to school again because the do. It seems to me that instead of whining about how terrible Obama is for taking away your privileges, may you should be thanking him for your bailout. He could let you richies rot, but he's not that kind of person. The meaning of Democracy is LET's WORK TOGETHER, as a team. Maybe if we do we can set aside the childish partisanship and help each to dig ourselves out of the mess that the Republicans helped to create.
We'll see how far the $65.00 a month goes when the government has to start printing more money to pay for all the garbage that was put into the stimulus bill. We'll also see how long it lasts. Anyone want to place bets on how long it's going to take for Mr. Obama to raise our taxes to pay for all of his nonsense???? One, Two, Three years at the most!
To "Texas Teacher", I sure hope you're not teaching your idiotic ideas to your students. No wonder public education is in the state it's in! It's because we have morons like YOU teaching our children!
How can you CUT taxes for people who don't PAY taxes?
or better yet, Who is John Galt?
Given the fact that most states are raising taxes to cover shortfalls the $65 "tax break" is a wash. Obama and his administration are in over their head.
Poor Larry! "I am so proud to be a Republican,I can boast that not one Republican voted to"
Larry you sound like Allen Keys, a lunatic ! The Republicans will not win another election for the next 20 years if their current mind-set continues.
What about NAFTA ? That trade agreement needs to be changed so that China (The lying bastards) will stop taking advantage of the US and stop them from cyber attacking our country every chance they get.
WHY THE REPUBLICANS ARE ROOTING AGAINST THIS PLAN AND ALL OF OBAMA'S EFFORTS TO RESCUE THE NATION?
Because when the Obama-Biden plans succeeds, anywhere between 10-to-30 million voters (about half Republican supporters) will have been rescued. Then people like Limbaugh, Hannity, and Coulter know there will be an additional 5-to-15 million more people (registered Republicans) to vote in support of a Legislative Democrats in 2010 and Obama in 2012. The GOP is hoping the plan fails for purely political gain. When the plan succeeds, there will be more Democrats in the House and Senate in 2010, and Obama get re-elected in 2012. That is why the GOP is against everything Obama.
WITH THE CURRENT DEBT OF OVER 10 TRILLION, WHY WOULD ANYONE APPROVE OF DE-REGULATION ?
Holder is the real coward
For those of you complaining about how 65 dollars a month is pathetic and insignificant...send it to me. I know that I could use it and not complain about getting a little extra money in my pocket. Morons.
All you proud republican just remember that your party is the one who caused this mess and now you all want to forget it. This country has had to put up with this for the last eight years so deal with it. The way you all feel right now is the way we have felt ten fold. The funny thing is that most of you dont even realize that your party is not even for you it is only for the rich and wealthy @ssholes and that could care less about you. Figure it out and quit blaming everyone but yourselves.
Texas Teacher- whereever it started it is now Obama's dilemma. That is hopefully what he signed up for to inherit these problems and fix them.
Have we forgot what got us where we are at now?
Let me help you think.....8 years ago???
The Texas Teacher is right!!!!
$65 dollars will help me a lot. I am one of the unexpectedly unemployed (25 years as a paralegal) and no longer have insurance. My COBRA ran out but timing wise, it doesn't continue with the new plan. The timing for me has been a double wammy.
Republican, Democratic, or LIbertarian, would you all just SHUT UP and help get things moving? This $65 will pay for my prescriptions.
I am so tired of the whining, complaining and BLAME GAME. Does any of it matter if we don't pull together.
To those who do not want that money in their check right now just to survive, please send it to me.
Eventually, I'll again be a practicing paralegal because I do real estate closings and I know eventually, the market will turn around. But please....ALL OF YOU quit whining. IF you can't do or say something positive, then just don't open your mouth till we are out of the worse of this.
Soooo, You think that $65 dollars a month is going to do anything. BOY ARE YOU WRONG. Here is just another Democrate move to spend more money and DO NOTHING.
I HOPE YOU LIKE THE CHANGE.
Let's do some math. $12,000 each to 100 million American Individual adult taxpayers equals 1.2 trillion dollars. Each individual could then spend, save, or invest the money, all of which would stimulate the economy and shore up the banking system. And we could have done this with the money the federal government has already decided to spend, without picking winners or rewarding only the irresponsible individuals and businesses that need to be bailed out. $12,000 for every adult American taxpayer. $24,000 for every couple. Are you convinced we are doing something better with all that tax money?
THE AVERAGE WORKING PERSON , WILL NOT GET ANYTHING OUT OF THIS . THEN WE ARE TO HELP PAY THE DO GOODERS THAT STARTED THE WHOLE MESS.
TAKE A LOOK AT WHAT PELOSI THOWS AWAY EVERY WEEK SHE HAS TO FLY BACK TO CALIF. SHE WORKS , AS SHE CALLS IT 3 DAYS . aN SHE HAS THE NERVE TO TELL THE AUTO INDUSTRY , TO DRIVE AN DONT FLY. BUT WE PAY HER FLIGHT BILL OF $60,000 EACH WAY . AS IS THE TAX PAYERS PAY OUT $5,760,000 ANUALLY FOR HER FLYING BACK AN FORTH . SHE DOESN'T LIKE A SMALLER JET . JKUST NOT AS COMFORTABLE.
THEREFORE i SAY , PRACTICE WHAT YOU PREACH , THEN TELL YOUR DEAR PRESIDENT , WHAT WE JUST TOLD YOU. START PUMPING A BICYCLE.
@Marc...You have no idea what the work week of a teacher actually looks like. Your statements about you working 40-50 hour work weeks just betray your ignorance.
Say an average teacher works from 7-3, m-f...that's a minimum of 40 hours a week. They they go home to grade papers, prepare lesson plans, etc, etc. That probably ads at least 5-10 more hours a week. Then in the summer they have to go through a mandatory 3 month furlough. I'm pretty sure most don't get paid for that time.
Further, if you're going to fault someone for having the good sense to go work in a field that allows them to have a pension and relatively good benefits it sounds to me like you might be a bit jealous of their foresight.
I don'T care how much money a teacher makes, it will NEVER be enough with what they have to put up with. Didn't you find that to be true when you were a teacher? Of course you were a teacher so you must know what you're talking about ! HA HA HA
Social security recipients like myself received $65 increase in January '09 and if think it doesn't make a difference you are wrong. My $65 social security increase allowed me to purchase a insurance policy I never had but needed. Great going President Obama.
At least Obama is trying to do something. While the republicans sit around doing nothing but trying to cover up their own mistakes. Obama has done more in one month than Bush has done in the last 2 years. Or maybe I am wrong Bush did alot to hide all of this and that took alot of work. And if $65 dollars a week isnt much to you just do what all these idiot republican govenors are threatening to do and dont accept it. You complain when there are no tax cuts and now you complain when there are.