President-elect Obama’s Stimulus Plan
President-elect Obama is moving ahead wit6h what he has billed as his top priority: an economic stimulus package called the “American Recovery and Reinvestment Plan.” He isw scheduled to meet with House Speaker Nancy Pelosi [D-CA] and Senate Majority Leader Harry Reid [D-NV] and possibly the Republican leaders in both chambers. Obama’s goal is to put together a plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term.
The package will focus on providing assistance to low and middle income Americans.
Obama officials have announced that they would like Congress to direct 40 percent of the stimulus bill toward tax breaks aimed at business and middle class workers. While these cuts may be able to give the economy a kick start right away, they are also meant to assuage skeptical conservatives. Congressional Democratic leaders are also considering unemployment benefits and health coverage to assist jobless workers.
Another important part of Obama’s job creation plan is infrastructure investment. The stimulus package also needs to help states cope with falling revenues
Despite the urgency after eight years of the Bush administration’s do-nothing attitude, the Senate Minority Leader has said that he and his fellow co0nservatives are in no rush to provide this important econo0mic relief plan.
