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.
"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."