Obama’s stimulus plan to include $300 bn in tax cuts

January 5th, 2009 - 1:24 pm ICT by IANS  

Barack ObamaWashington, Jan 5 (DPA) US president-elect Barack Obama’s plan to jump-start the US economy will include $300 billion in tax cuts, the New York Times reported Monday as Obama prepared to meet congressional leaders to discuss his plans.Obama will devote about 40 percent of his estimated $675-775 billion economic stimulus plan to tax cuts, in part to appeal to critics that say the package is too heavy on government spending, the NYT quoted advisers as saying.

Most of the tax cuts - $150 billion - would go to workers, with $100 billion in cuts aimed at businesses.

Obama, who will be sworn in as president Jan 20, has not publicly discussed many details of his plan, except to say that it will include investment in infrastructure, technology and healthcare.

He is to meet congressional leaders from both parties later Monday to discuss his plan and give a speech Thursday outlining it for the public.

The economy will likely be Obama’s first priority as the nation faces a recession sparked by turmoil in the financial sector.

President George W. Bush has already devoted $700 billion to help the financial sector and has further offered funds to the ailing US automotive industry and sent stimulus cheques to taxpayers.

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