Obama plans to cut taxes by a minimum of $275 billion and spend at least $545 billion on new projects and to help states with their budget problems.
Some specific programs include doubling green energy capacity in three years and expansion of the Child Tax Credit.
Republicans have expressed some concern about the amount of deficit spending saying that they do not want to pass on too much debt to future generations.
Of course, many of us remember such warnings about "future generations" before, but now find out that we do not have to wait for our great grandchildren to come along. The debt has caught up with the borrowing generation!
And new debt might have more immediate effects as compared to the previous decades of borrowing. As an illustration, think of a fresh new company that comes along with a clean slate. Early on, the company can obtain financing rather easily without any immediate repercussion.
However, if the company accumulates more and more red ink, each new loan has more immediate effect. The tolerance level and confidence of creditors and investors diminishes and pretty soon the company will not be able to attract new capital.
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Washington Post -
By Paul Kane, Michael D. Shear and Anne E. Kornblut President Obama ramped up his personal lobbying campaign for an economic recovery package that would cost at least $820 billion, holding his first bipartisan gathering of congressional leaders at the ...
Video: Obama Asks Lawmakers to Back Stimulus Bill
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