Obama increases tax cuts, says lawmakers will approve soon
President-Barack Obama realizes that the economy of the country is going from bad to worse which is why he aims to step up the proposed tax cut program. In a meeting with congressional leaders on Monday Mr. Obama said that the tax cuts could reach up to $3 billion. He predicts that the lawmakers would not hesitate to approve the big time revitalization package a fortnight after he takes office. 
The proposed plan stretches over the next to years. Its approval and implementation would bear instant fruit for the masses in the form of larger paychecks immediately. This would be made possible by the tax cut which the government would lower. The aim behind lowering the tax cut is to give a boost to the fading consumer spending which is having a profound effect on the economy.
Mr. Obama said “The economy is very sick, the situation is getting worse. … We have to act and act now to break the momentum of this recession.” Obama realizes that he still has two weeks to go until he takes office and hence he cannot exercise his full will when it comes to foreign affairs. But when it comes to the economy Mr. Obama said he cannot wait until he is sworn in as the President.
On arriving at Capitol Hill Mr. Obama said “The reason we are here today is because the people’s business cannot wait,” he went further on to say “I expect to be able to sign a bill shortly after taking office, by the end of January or the first of February.”
The proposal made by Mr. Obama for jolting the economy back to life includes tax cuts of around $300 billion. This would mean a cut of $500 for the majority of individuals and $1000 for couples. Businesses would have $100 billion lowered in tax cuts. The eventual tax cuts amount is likely to exceed the amount that was estimated earlier.
The overall package including the new federal spending that has been initiated for the purpose of boosting the economy could take the entire package up to $800 billion. A staggering $77 billion will go into the expanding of unemployment funds as the number of jobless people increases. There is also the need to subsidize health care for the masses. The remaining about will be used to invest in projects that would create jobs for the jobless and long term goals such as energy conservation programs.