Obama to propose huge tax cut: Democratic aide

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.

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)