President Obama presented his multibillion-dollar plan along with a job proposal that will help our nation “spend its way out of the recession”. Obama’s plan would develop new spending for highways, infrastructure projects, better tax breaks for small businesses, and tax incentives that would persuade many to update their homes in becoming more energy efficient. Obama stated the he realized that our work as a nation is far from done but his main focus will be creating jobs due to the unemployment rate lingering at about 10 percent just last month. Shockingly, more than 7 million Americans have lost their jobs due to the recession since it began just two years ago. New incentives for small businesses are included in Obama’s stimulus package, an added tax cut for the small businesses that hire in the upcoming year, as well as removing fees on loans to small businesses that will include a federal guarantee until late 2010. Obama will ensure that more money is spent on the nation’s infrastructure and will ensure a tax break for consumers who invest in more energy – efficient homes. Republican critics say that this stimulus package will enlarge the federal deficit that is already immensely high. Obama did not go into details on exactly how much his proposal would cost even though congressional Democrats are seeking a $70 billion package that would create jobs for more Americans and offer aid to the state government as well as local government.
Source: The Associates Press