The first order of business for the incoming Obama administration is going to be a stimulus package. With Obama’s vacation over and the President-elect moving from Chicago to DC, the details of the plan are beginning to become clearer. The Wall Street Journal reports that the administration will urge Congress to make 40 per cent of the stimulus, expected to weigh in at $775 billion, tax cuts. As it notes:
This is a clever move from the ever-pragmatic Obama team. The stimulus package is, in reality, hugely risky: the more bi-partisan cover Obama has the better for him. The personal and business tax cuts Obama is proposing—unlike Brown’s 2.5 percent cut in VAT—are politically well-targeted and will be almost impossible for the Republicans to oppose.“The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush’s tax cuts did in their first two years.”
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