WASHINGTON, Jan. 5, 2009
Obama Pushes Bipartisan Effort On Stimulus
Urging Speed To Heal "Sick" Economy, President-Elect Proposes $500 Tax Cuts For Most Workers, $100B For Businesses
-
(CBS)
-
Play CBS Video Video Mr. Obama Goes To Washington Gov. Bill Richardson withdraws his bid for Barack Obama's commerce secretary after a pay-for-play probe surfaces, reports Bill Plante. Bob Schieffer comments on the Obama transition.
-
Video Obama Pushes Stimulus Plan President-elect Obama went to Capitol Hill to meet with congressional leaders and urged them to approve another stimulus package. As Chip Reid reports, the plan could run as high as $775 Billion.
-
In-Depth Obama's Cabinet The latest names and status of posts within Obama's new administration.
-
Interactive 110th Congress The balance of power shifts and new leadership takes control as the latest session convenes.
"The economy is very sick," Mr. Obama said before meeting with Senate Democratic Leader Harry Reid. "The situation is getting worse. ... We have to act and act now to break the momentum of this recession."
Mr. Obama, whose inauguration is two weeks from Tuesday on Jan. 20, said he expected quick approval of rescue legislation by the new Congress.
"I expect to be able to sign a bill shortly after taking office," he said. Pressed on the timing, he said, "By the end of January or the first of February."
Mr. Obama's proposal to stimulate the economy includes tax cuts of up to $300 billion, including $500 tax cuts for most workers and $1,000 for couples, as well as more than $100 billion for businesses, an Obama transition official said. The total value of the tax cuts would be significantly higher than had been signaled earlier.
New federal spending, also aimed at boosting the moribund economy, could push the overall package to the range of $800 billion or so.
The focus on business tax cuts is sure to make some liberal Democrats unhappy, reports CBS News correspondent Chip Reid. But political analyst Stuart Rothenberg says it's the kind of new politics Mr. Obama has long advocated.
"A package like this as it turns out, is one that reaches out both to Democrats and Republicans ," Rothenberg said.
And with Mr. Obama hoping to pass the stimulus with a large bipartisan majority, Reid reports his team was encouraged by early reactions from Republicans to the idea of tax cuts.
"Clearly it's an area that brings excitement to Republicans because it does put money in the economy right away," Rep. John Boehner, R-Ohio, said.
Mr. Obama met earlier in the day with House Speaker Nancy Pelosi, D-Calif., as he set a tone of urgency for dealing with a financial situation that he described as "precarious."
"The reason we are here today is because the people's business cannot wait," Mr. Obama said as he arrived on Capitol Hill for talks with Pelosi. "The speaker and her staff have been extraordinarily helpful in working with our team so we can shape an economic recovery plan and start putting people back to work."
The tax cuts for individuals and couples would be similar to the rebate checks sent out last year by the Bush administration and Congress in a bid at that time to boost the slowing economy. A key difference is that the tax cuts this time around may be awarded through withholding less from worker paychecks. That provision would cost about $140-150 billion over two years.
For businesses, the plan would allow firms incurring losses last year to take a credit against profits dating back five years instead of the two years currently allowed.
Another provision brought to the negotiations by the Obama team would award a one-year tax credit costing $40-50 billion to companies that hire new workers, and would provide other incentives for business investment in new equipment.
"We've got an extraordinary economic challenge ahead of us," Mr. Obama said. "We're expecting a sobering job report at the end of the week."
Said Pelosi: "It is a great honor and personal privilege to welcome you to this office. Tomorrow we will swear in a new Congress and we will hit the ground running on the initiatives ... to ease the pain being felt by the American people."
After the meeting, Mr. Obama left Pelosi's office and was surrounded by tourists hoping for a glimpse of the president-elect, reports CBS News producer Jill Jackson. He waved and wished everyone a Happy New Year before kissing Pelosi goodbye and heading back to his Washington, D.C. transition office.
Before meeting with Reid, the Nevada Democrat, Mr. Obama said, "This is not a Republican problem or a Democratic problem at this stage. It is an American problem and we're going to all have to chip in and do what the American people expect."
Mr. Obama had meetings with a broad array of House and Senate Democratic leaders and with a bipartisan group of key lawmakers. He had hoped to have Congress enact the recovery plan in time for him to sign when he takes office Jan. 20. But even his spokesman, Robert Gibbs, conceded that was "very, very unlikely."
According to the Politico, Obama strategists say he wants to get 80 or more votes in the 100-member Senate, and the emphasis on tax cuts is a way to defuse conservative criticism and enlist Republican support.
House Majority Leader Steny Hoyer of Maryland said Sunday he wants the House to approve the plan by the end of the month, sending it to the Senate in time for action before Congress leaves on its mid-February break.
Mr. Obama has insisted that bold and quick action is necessary if the nation is to rebound from the greatest economic crisis since the Great Depression. He has said repeatedly he wants a plan that will create 3 million new jobs.
"Economists from across the political spectrum agree that if we don't act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment and the American dream slipping further and further out of reach," he said in his Saturday radio and YouTube address.
Mr. Obama arrived Sunday night in Washington - a place he largely has shunned since winning election - just hours after New Mexico Gov. Bill Richardson withdrew from consideration as commerce secretary amid a grand jury investigation into how some of his political donors won a lucrative state contract.
The Richardson withdrawal marked the first major hiccup in a smooth transition that saw Obama select his Cabinet in record time, largely because of the magnitude of the economic and national security challenges facing the new administration.
Obama aides have said the package Obama has dubbed the American Recovery and Reinvestment Plan could cost as much as $775 billion. The president-elect has refused to put a price tag to the plan.
Congressional aides briefed on the measure say it is likely to include some $200 billion to help revenue-starved states pay for health care programs for the poor and other operating costs. A large part of the new spending would go for infrastructure projects, blending old-fashioned road and bridge repairs with new programs to advance energy efficiency and rebuild health care information technology systems.
© MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
More From Politics
Michelle Obama tells how her role as the First Lady has changed her perspective.
- 1
- 2
- 3
- 4
... - 21
- next
See all 410 CommentsOr is it libel.
I keep forgetting the difference between the two.
Posted by txgrouch2008 at 10:18 AM : Jan 06, 2009
Libel is in printed or written form, while slander is verbal.
But the most important thing to know about LASTDANCEDUMMY is that he is a left wing poltroon. Never having to know how to stand up for what%u2019s right. Never having to know what it means to fight for his country. He is, as they say, a weakling.
LASTDANCEDUMMY is a small person, an agitator with little to no power, or better yet, he is a mischievous little child - commonly referred to as an %u201CImp%u201D.
Throughout our nation%u2019s great history, there have been many %u201CBrave%u201D souls that have fought and lived, and, fought and died, to keep this country great. Not just in wars, but in all facets of everyday life. LASTDANCEDUMMY is not one of them.
I could write many things about LASTDANCEDUMMY but I%u2019m limited to the number of characters to post on this board. So, having said that, and, in closing, I want all of you to know that LASTDANCEDUMMY%u2019s feeble minded attempts to discredit the people he disagrees with is not only laughable, but down right farcical.
LASTDANCEDUMMY is a nincompoop, a dumkopf, if you will%u2026%u2026
Yes LASTDANCEDUMMY, you%u2019re the enemy. You%u2019re the disease that needs to be cured.
Love, ALLULOSERS.
Posted by : txgrouch2008
_____
The world is a safer place beause I have a gun.
The world is a safer place because YOU DON''''T.
Posted by txgrouch2008 at 10:57 PM : Dec 30, 2008
S*E*X and PROSTITUTION
Posted by txgrouch2008
____
That''s the SECOND time you''ve mentioned those body parts.
You''re COMING ON to me. Oh, yah. You want me BAD.
Posted by txgrouch2008 at 08:15 PM : Dec 30, 2008
Oh, now you want me to take you to have your ears pierced.
And probably buy you some earrings.
I know what you''re saying. You naughty girl.
Posted by txgrouch2008 at 08:29 PM : Dec 30, 2008
Tell us what REALLY happened. Don''t leave out ANY of the juicy details.
Posted by txgrouch2008 at 08:40 PM : Dec 30, 2008
_____
txgrouch2008
If you want to Advertise and SOLICIT for :
S*E*X and PROSTITUTION
You should do it Elsewhere
This is not the place to : Advertise and SOLICIT for :
S*E*X and PROSTITUTION
AMERICA, OUR HOUR HAS COME!!!
HELP ME CLEAN UP WASHINGTON !!!!
Just another politician, not a messiah.
----------------------------------
----------------------------------------
------
Posted by a_nother2002
Excellent point and worth repeating!!!!
Posted by chitownfire1
This is exactly why hypocrit and republican are synonomous.
First, the tax cut for what is left of the middle class requires that you be WORKING, that is collecting a pay check. I don''t know if anyone in Washington has noticed but the "official" unemployment number is approaching 7% and a lot higher counting those who have "fallen thru the cracks"!
Then there are those on disability, social security, and retirement who are collecting non-taxed benefits. I guess they don''t count!
Even if you do "qualify" you get a savings of $500 A YEAR on taxes, or about $40 a month! Someone explain how is THAT going to "stimulate" the economy and make life "better" for the average person? Are you going to run out and buy a new car or a new HD TV with it?
Take that and compare it with the BILLIONS we are handing out to AIG, Bank of America, Citi Group, and now the auto makers, just so THEIR corporate executives can keep their big pay, bonuses, and perks.
Maybe it explains why there are so many people that are ABSOLUTELY P''D OFF!!!!
SIG HEIL, I ALWAYS THOUGHT OBAMA WOULD THINK LIKE ME!!!, BUSH!!!
A few months ago all I saw from some was that he will give all the workers money to those who don''''t work. We Hard workin folk will have to lose all our money to lazy bums who cant be bothered to get up and do a job.
Now its
So the hard workin people get money but where is the unemployed peoples money coming from? Those unlucky people with no chance of a job.
Suddenly those ''''Lazy bums'''' are now ''''poor unfortunates'''' is this a case of denial or are you scrabbling for anything you can find to smear Obama? Even if it means you do a complete U turn!
--------------------------------------------------------------------------------
Posted by a_nother2002
Excellent point and worth repeating!!!!
Posted by demswin08 at 05:14 AM : Jan 06, 2009
It is tempting, but with Wal*Mart out there getting away breaking every American manufacturer that did not find a way to reduce prices to match foreign competitors over the last three decades, it would hardly be fair to spank those who relocated...and it certainly wouldn''t help.
Because Wal*Mart would just stop using them as a source, they would disappear, and we STILL wouldn''t have jobs.
The corporations threaten to leave the country because of the "inhospitable business climate" they attribute to taxes and the regulations they face that are designed to keep them from killing people - like they used to do.
But the truth of the matter is they are leaving anyway for the lower wages they can get away with paying offshore.
So why would Obama start off by kissing their butts?
Put tariffs on imported goods, instead.
Tariffs of a size to account for the difference in the cost of living that the American worker faces versus what his offshore counterpart - who pays $30 a month in rent - faces.
We either grab this inequitable "free trade" situation by the ballz, or the income inequality curve will continue to ramp up, the poor will get poorer, and the middle class will disappear.
We simply cannot keep sending vastly greater amounts of our money offshore than we take in - unless we blow off the idea of balanced budgets entirely. Forever.
Speaking of ballz, seeing 95% of America get poorer, sicker, and shorter-lived ain''t no sweat off the Republicans''; they aren''t in office for the sake of America.
lolll...it looks like the rest of America may have to incite a war with China or Russia; the Republicans only value "the common people" when they are standing between themselves and enemy bayonets.
IT IS A TAX CUT THEREFORE NOT A 1 OFF IT WILL LAST A WHILE SO YOU GET EXTRA EACH MONTH. HE IS NOT GIVING YOU JUST ONE CHEQUE HE WILL PUT IT IN YOUR PAYPACKETS EACH MONTH.
DO
YOU
GET
IT
YET????????????
A few months ago all I saw from some was that he will give all the workers money to those who don''t work. We Hard workin folk will have to lose all our money to lazy bums who cant be bothered to get up and do a job.
Now its
So the hard workin people get money but where is the unemployed peoples money coming from? Those unlucky people with no chance of a job.
Suddenly those ''Lazy bums'' are now ''poor unfortunates'' is this a case of denial or are you scrabbling for anything you can find to smear Obama? Even if it means you do a complete U turn!
Posted by FLSunJnky
Funny I am in Illinois and I have a different feeling. In Fact a good friend lives in Chicago and he can''''t believe this guy got elected
Posted by DJ_Houston at 01:05 AM : Jan 06, 2009
*** Funny... I can''t believe amnesty mccain got the nomination from the republicans... how can the republicans be stupid enough to have supported amnesty mccain... thank god amnesty mccain lost!
Then go to Alaska and see how people fill out Palin.
You may be surprised
Posted by DJ_Houston at 12:55 AM : Jan 06, 2009
*** I am much happier to have Obama as president who has done nothing.... rather than amnesty mccain who co-sponsored an amnesty bill that would have let over 20 million illegal latinos get amnesty! I would rather have the guy that has done nothing... rather than the guy that co-sponsored that amnesty bill!
Posted by DJ_Houston at 01:05 AM : Jan 06, 2009
*** Well then maybe the republicans should have put up a better candidate than Amnesty Mccain?????
Then go to Alaska and see how people fill out Palin.
You may be surprised
Posted by DJ_Houston at 12:55 AM : Jan 06, 2009
While I appreciate the suggestion, I will not be traveling to either state in the near future.
I have, however, recently spent time with a co-worker who lives in Chicago and friends who live in Alaska. While, it proves nothing, it was clear that the co-worker from Chicago thought Obama had done a good job representing Illinois. The friends from Alaska, on the other hand, were not at all satisfied with Palin''s representation of Alaska.
Again, though, this does not PROVE anything. Those are merely the opinions of people I happen to know.
There is a very real distinction between opinions and proof.
That is the point I was trying to make.
- 1
- 2
- 3
- 4
... - 21
- next
See all 410 Comments