February 21st, 2009
02:15 PM ET
14 years ago

Obama: Let the tax breaks begin rolling

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/02/21/art.obamaaddress.wh.jpg caption="President Obama delivers his weekly address."]
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."

Filed under: President Obama
soundoff (130 Responses)
  1. New Day


    "$65/month is pathetic."

    These are the same buffoons that thought the "gas tax holiday" was a great idea when McCain suggested it last summer. So, $65 savings on tax over the whole summer was great but getting $65 more a month to do whatever you want with is "pathetic."

    As for the ingenious idea of capping credit card interest at 3%, how many data entry, customer service, mail room, and AR jobs are going to be lost at these banks if there is such a decrease in income flowing in?

    So, in essence, what people are saying is that its wrong helping people in bad mortgages but, people should lose their jobs so that you pay your credit cards off.

    I'm all for capping interest rates at 20% MAX and banning the predatory practice of jacking up interest rated to 35% if ur late on a payment but, 3%? really?

    February 21, 2009 06:58 pm at 6:58 pm |

    If some of you read what the expected amount the taxpayers can expect to take home, it's "at least" $65 a month, which means some may get more. For a former single mom of three, that extra $65 would have made a lot of difference. So, those of you that turn your nose to it, take that extra $$ and give to charity. That goes to those Republicans, too, that want to balk at this stimilus. Simply reject the funds that the government wants to give to your state. I'm sure there's other states that would take it....California.....Kentucky....

    February 21, 2009 07:03 pm at 7:03 pm |
  3. Moving forward..

    This nation is on the way to recovery! Good job Mr. President!!

    Wall Street, Bankers, and Bureaucrats hate President Obama because he is forcing them to BE HONEST. They can't stand the idea of working for the American people, not themselves and they don't know how to do things differently.

    In Washington, when a person has honest intentions and tries to work for the American people, they create enemies. That's why the GOP is working so hard to oppose him.

    That is the real reson why the country cannot grow with the 'party of NO.'

    February 21, 2009 07:05 pm at 7:05 pm |
  4. Roberta

    If I'm in the bracket to get $65 a month break I can use it to buy 2 tanks of gas (which will get me to work for 2 weeks). That works for me. I'm grateful for any break I get.

    February 21, 2009 07:06 pm at 7:06 pm |
  5. Pierre Podo

    That's great there is the tax breaks coming on. When UBS banks releases all the frozen tax fraud funds, plus Stanford , then Hong Kong and other TAX havens, where American Banks ,companies and the Likes of McCain have their funds, the tax break will be more interesting. Obama needs a more agressive diplomacy to get these funds back in America. It makes no sense for Citibank ,bank of America and others to use tax payers funds to pay bonuses, while they hold lots of cash funds in offshore settlement worldwide to the detriment of the US economy. A law should be introduced in the US Congress to prevent US Nationals and Institutions from using tax havens .

    February 21, 2009 07:09 pm at 7:09 pm |
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