By Pin-Yu Liao
President Obama announced that the Treasury will implement tax reductions for employees from their paychecks; 95% of Americans will benefit from this tax cut. Generally the increase for take-home pay will be at least 65 dollars a month.
This tax reduction as part of a $787 economic recovery plan was passed by the Congress in hopes to stimulate consumer spending. Furthermore, $120 billions will be spent on rail and highway projects. President promised that he will come up with strategies to cut the trillion-dollar deficit to rescue the economy. He said, “It will require doing all we can to get exploding deficits under control as our economy begins to recover,” promising to submit a budget that was “sober in its assessments, honest in its accounting” and that “lays out in detail my strategy for investing in what we need, cutting what we don’t and restoring fiscal discipline.”
President Obama will attend the summit on Monday to identify and discuss what his policies are. He will also on Tuesday have a join session with the Congress to release his 2010 budget and talk about his strategies for the financial crisis. Lawmakers, academics and business leaders will join to partake in this discussion and try to solve for this huge amount of deficit.
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