• Most Popular
  • Most Shared

Obama to propose huge tax cut: Democratic aide

WASHINGTON
Sun Jan 4, 2009 9:18pm EST

WASHINGTON (Reuters) - President-elect Barack Obama's economic stimulus plan will propose business and middle class tax cuts of about $310 billion dollars, or 40 percent of the package, a senior Democratic aide said on Sunday.

Barack Obama  |  Economy

The aide said that Obama plans to discuss the plan on Monday in a meeting with congressional leaders. House of Representatives Speaker Nancy Pelosi is supportive of the proposed tax relief but details have to be worked out, the aide said.

Obama plans to propose a stimulus package of new federal spending of up to $775 billion, the aide said.

(Writing by Thomas Ferraro; Editing by Jackie Frank)
Barack Obama
Economy


More from Reuters

Photo

U.N. climate negotiators hammer out initial draft

COPENHAGEN (Reuters) - Negotiators facing a Friday deadline hammered out an initial draft U.N. climate pact overnight that calls for a two degree Celsius cap on global temperatures and billions in aid for poor nations, sources said. | Video

» More Top News
Pedestrians are reflected in a Citigroup window in Boston, Massachusetts. REUTERS/Brian Snyder

Citi's next challenge

Citigroup's plan to extract itself from the government's clutches didn't go as planned. For the bank to succeed, one of two things need to happen.  Full Article 

ECONOMY
Aerospace Industries Association President and CEO Marion Blakey makes remarks during the Reuters Aerospace and Defense Summit, December 16, 2009 in Washington.REUTERS/Mike Theiler

"We're not asking for a bailout"

If the U.S. is serious about creating jobs it should invest in aviation programs, says the chief of the Aerospace Industries Association. Just don't call it a bailout.  Full Article 

AEROSPACE & DEFENSE SUMMIT