The Tax Cut Has Begun, President Says in Weekly Address

In his weekly address on radio and Youtube, President Obama heralded the "Making Work Pay" tax cut in the stimulus packaged he signed Tuesday, which he says is beginning this morning and will go to more Americans more quickly than any tax cut in history. 

After heralding some of the stimulative measures in the bill, the President says he's "pleased to announce that this morning, the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks – meaning that by April 1st, a typical family will begin taking home at least $65 more every month. Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans."

He pivoted to a conversation about fiscal responsibility, noting that Monday he "will convene a fiscal summit of independent experts and unions, advocacy groups and members of Congress to discuss how we can cut the trillion-dollar deficit that we’ve inherited."

Then, he noted, "On Tuesday, I will speak to the nation about our urgent national priorities…" And on Thursday, "I’ll release a budget 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."

"None of this will be easy," he concluded. "The road ahead will be long and full of hazards. But I’m confident that we, as a people, have the strength and wisdom to carry out this strategy and overcome this crisis. And if we do, our economy – and our country – will be better and stronger for it."

- jpt

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