Saturday, February 21, 2009

Obama Says Reinvestment Act Is Only The Start

In his weekly address, Obama said the Recovery and Reinvestment Act's package of federal spending and tax cuts is designed to revive the economy and save or create 3.5 million or more jobs, "is only a first step on the road to economic recovery. And we cannot fail to complete the journey." The economic rescue package will inject a sudden boost of cash into transportation, education, energy and health care, while aiming to help recession victims through tax cuts, extended unemployment benefits and short-term health insurance assistance, but it also will add to a rapidly growing national debt.

After focusing his first month on the economic mess he inherited, President Barack Obama now plans to roll out his own agenda on the budget, a national health care initiative and Social Security. On Thursday, Obama will send a budget request to Congress "that's sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't and restoring fiscal discipline." In his weekly address, Obama emphasized that congress must do what's necessary to control the "exploding" national debt as part of his agenda.

No comments:

Post a Comment