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."
Such a socialist. First it's tax cuts for working people. Then building roads and schools and hospitals. When will this madness end? When can we get back to focusing on spending our money to blow up foreigners and buy expensive trinkets for millionaires? Why? Why this insanity of an America where citizens count? Why? What would reagan and delay and mcconnel and sean and rush and koulter and goldwater and norquist say about this? Sure, norquist is always for tax cuts, but certainly he sees this is just a socialist tax cut since it only goes to regular working people? Insanity! madness! SOCIALISM! strom i rolling over in his crypt – a colored president giving tax cuts to working people. Oh the humanity, the horror....
@Marc.Ever think of going for a higher education or moving out of a red neck slave state?
One man's chump change is anothers bread & butter – if you think everything will be cured – think again. stop whining start handling the situation by looking for ways to save and to spend wisely! This isn't one persons doing and its certainly going to take many to turn things around – I'm sure you complainers could fix it in a "hot minute" couldn't you – such foolishness is totally uncalled for.
I almost wish that Obama wouldn't have won if only for the fact that he is going to take the blame for everything now....I am certain that McCain would have done no better and probably worse in many ways.
Congrats to Pres Obama, I can't waite for this to begin. You are doing just a super outstanding job, I approve of your leadership 100% plus, plus.
Every conservative I know either doesn't have any kids or when you talk to them about politics it turns out that they don't understand what conservatives are all about. For example I was talking to one the other day and come to find out he gets welfare insurance. I talked to another so called conservative who was complaining about the patriot act, he thought the Dems pushed it through.
I support the Bush Tax cuts for the wealthy – those tax cuts were really helping the economy....we better be careful because we're running out of rich people in this country...oh, no! the sky is falling.
I'll be spending my $65 per month on stockpiling more ammo for when this all implodes.
"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.
$65 a month...well you did ask for "change".
What Obama and the administration just don't get is that handouts don't create jobs in the private sector. All taxes originate FROM the private sector and without big tax breaks to private sector employers to hire and retain US citizens, the private sector cannot create additional private sector jobs. Public sector jobs require taxes for their funding. We don't have taxes. Printing more money is not stimulative. More debt is not stimulative. Private sector jobs are stimulative. Private sector jobs are created when the wealthy invest. Private sector jobs are created when people save, and the banks can invest. Private sector jobs are created when people purchase and increase demand. Handouts, and bailouts are 1/100th as effective as stimulus tax cuts. Even John F. Kennedy knew this.
Have you taken the time to see what teachers make or have you been so busy whining about your choices in life that you can't take a logical look at what is in front of your face. Yeah Teachers work 9 months a year at the profession, but many work a second job and during their "vacation" continue to work one or more jobs to make ends meet.
The fact that you are able to post you rant about your life is attributable to a teacher. Take a look in the mirror.
I'm sorry, but American frugal spending is why we're in this mess. Wall Street is part of it, but it's just like the 1920's all over again. American's putting everything on credit, buying things they can't afford. Now, we're all paying the price for people's reckless spending.
You people are retarded. People saying we spent 800B for $13 a week.. people saying he should just use that money to pay off our mortgages (if $2500 pays off your mortgage, you don't need money or you live in a box)...
The tax cuts are only a small portion of this bill.. the main portion of it goes to creating jobs.. that's its purpose.. to fund projects that create jobs.
For those of you who haven't stockpiled food, soap, toilet paper, etc. yet–I'd suggest you do that with your $65 each month. That way you'll have something to fall back on when you end up losing your job.
There are many critics out there that might discourage you, but at the end of the day, return to God for his guidance. You are doing the right thing. The rich can take care of themselves. The poor needs a little helping hand. And when life events turn things upside down, the rich can lost their fortune, and the poor can improve themselves and move up, we still help those who are in need – who might be rich at one point ... unless, of course, they don't want help.
There are many who oppose you because they are fearful, but there are many who support you because we know you are doing the right thing, and we understand you can't do this all by yourself, that you need help from us as well. As long as you fight for the people, the people will be with you.
Please, please, please, people! Let's see a little more american positive attitude. If you all want to be honest about bailing the country out of recession; consider this; The banks were the ones to receive the first 350 bil. They will get more to the tune of approximately 275 bil. from the first tarp money. I think it's wrong to be so self centered and selfish at a time like this! I watch the news a lot and all I hear is what will I get out of this. Come on, where's the american spirit??? Let the president and his team help out the homeowners now, there will be more done for the banks shortly after, I'm sure! I have a lot of faith in president Obama, give him a chance before criticizing the hell out of him, he's only been in office a month and has already accomplished more than most presidents have in years.
West Bend, WI
Reguarding Foreclosures and the plan for a National Bank, this will work best if it is a temporary situation to handle current Foreclosures. Used to give low interest mortgages to responsible people facing immediate foreclosures of the home they live in and NOT to compete with free market banking.
In this way, it can be downsized once the situation stabelizes.
Pauline from Kauai, HI
Thank you Mr. President,
I'm grateful. Bush unloaded bad stuff on us for 8 years. And you Mr. President has done more in 30 days than bush ever did. He left this country in HELL
Thank you Mr. Prez
The war in Iraq has not only costs us BILLION, but it has caused us so much PAID AND DEATHHHHHHHHHH.
Prez. Obama never did that
You republicans has caused this country so much DEATH (omg)
WOW $16 per week, now we will all be OK. Isn't this a shame
If he incudes all the people who promised "tax cuts" (i.e. welfare) to that don't pay taxes, then the average family takes home about $2 more per month. Supersize my fries please.
I'm sick of the hell the republicans have caused.
War Bloody War
Death, Death Death nearly 5,000 Americans. I dislike the Repubs for this
obambi – hey when you say socialism, do you mean the corporate socialist bailout that bush and the rethugs did? You do mean corporate socialism right? Cause that is just what it is.
$65.00 per month...Woweee!! I'm on the road to Easy Street, that is until income tax time and then that $65.00 is considered taxable income and then throw you into a higher tax bracket..
That huge amount almost fills your gas tank twice! Now , don't you feel stimulated??