Nearly $800 billion economic recovery plan
January 9th 2009 21:10
President-elect Barack Obama said he and Congress will "hone and refine" his nearly $800 billion economic recovery plan, as he seeks to patch fissures with senior Democrats over key features of the still-emerging plan.The job was made more urgent with the release of a Labor Department report showing job losses of 524,000 in December and a 7.2 percent unemployment rate, the highest in 16 years. Obama said he welcomed input from lawmakers in both parties. His plan is getting off to a rocky start, with top Democrats openly slamming key provisions, especially the design of his tax cuts.
He said that if members of Congress have good ideas, if they can identify a project for me that will create jobs in an efficient way that does not hamper our ability over the long term to get control of our deficit, that is good for the economy, then I'm going to accept it.A squadron of Obama officials came to the Capitol to brief House Democrats on the measure and again heard criticism of some of Obama's proposed tax cuts, particularly a $3,000 tax credit for job creation. Lawmakers pressed for more infrastructure spending and tax credits to promote renewable energy. The feedback loop promi"What we can't do is drag this out when we just saw a half-million jobs lost," Obama said a call for a $3,000 tax break for job creation drew particular criticism in a closed-door meeting, and numerous lawmakers said Obama had not ticketed enough of his tax proposal for energy and that more needed to be done to ease the Housing crisis."All of their priorities are ones that we share," said House Speaker Nancy Pelosi, D-Calif. "We just want to make sure that those functions, when they're written in the bill, are ones that can be used immediately and can create jobs."
read full article here: news.yahoo.com
He said that if members of Congress have good ideas, if they can identify a project for me that will create jobs in an efficient way that does not hamper our ability over the long term to get control of our deficit, that is good for the economy, then I'm going to accept it.A squadron of Obama officials came to the Capitol to brief House Democrats on the measure and again heard criticism of some of Obama's proposed tax cuts, particularly a $3,000 tax credit for job creation. Lawmakers pressed for more infrastructure spending and tax credits to promote renewable energy. The feedback loop promi"What we can't do is drag this out when we just saw a half-million jobs lost," Obama said a call for a $3,000 tax break for job creation drew particular criticism in a closed-door meeting, and numerous lawmakers said Obama had not ticketed enough of his tax proposal for energy and that more needed to be done to ease the Housing crisis."All of their priorities are ones that we share," said House Speaker Nancy Pelosi, D-Calif. "We just want to make sure that those functions, when they're written in the bill, are ones that can be used immediately and can create jobs."
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