BARACK OBAMA ANNOUNCES PLAN TO REVITALIZE ECONOMY AND PROTECT AMERICAN FAMILIES

Virginia Gov. Tim Kaine and Former Secretary of Commerce Bill Daley say plan will help jumpstart the economy; call for immediate implementation

Barack Obama today unveiled a plan to revitalize the economy in the short-term with a stimulus package that will immediately inject $75 billion into the economy in the form of tax cuts and direct spending targeted to working families, seniors, homeowners and the unemployed.

The plan also includes $45 billion in reserves that can be injected into the economy quickly in the future if the economy continues to deteriorate. Obama will discuss the plan later today at events in Nevada.

“The time has come to bridge the growing divide between Main Street and Wall Street,” said Barack Obama. “The American Dream is slipping out of reach for many families whose paychecks aren’t meeting the increased costs of their medical bills and tuition payments. Four months ago I said it was time to put a middle-class tax cut worth $1000 per family into the pockets of workers who deserve it. A tax cut that would eliminate income taxes for seniors who make under $50,000. We can’t wait for the next president to act. We need that middle-class tax cut now more than ever – not five months from now or five weeks from now, but now. I’m announcing a plan to jumpstart the economy by putting money in the pockets of those who need it most and will spend it quickly.”

“Strengthening our economy and creating good-paying jobs will be Barack Obama’s priority from the day he takes office,” said Governor Tim Kaine, who held a conference call with reporters to discuss the plan. “But we must act today. Barack Obama has offered a plan that will restore fairness to the economy and ensure that hard-working Americans can provide for their families and save for their future. Barack Obama offers us the best chance to revitalize our economy because he has the strength to unite Democrats, independents, and Republicans to pass reforms that will invest in all of America.”

Barack Obama’s Plan to Stimulate the Economy and Protect American Families Would:
Provide an immediate $250 tax cut for workers and their families.
Provide an immediate, temporary $250 bonus to seniors in their Social Security checks.
Provide an additional $250 tax cut to workers and an additional $250 to seniors if the economy continues to worsen
Provide relief to homeowners hit by the housing crisis.
Provide aid to states hardest-hit by the housing crisis to avoid a slash in services.
Extend and expand Unemployment Insurance.

Barack Obama’s economic stimulus plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most. Obama’s proposal will immediately provide stimulus using means that do not require lengthy governmental or administrative delays. The plan also reserves an additional $45 billion of stimulus that can be injected into the economy quickly in the future if the economy continues to deteriorate.

A fact sheet detailing Obama’s stimulus plan is available here.