Hold the ladder steady (and tell that to me one more time, slower this time) -- Obama Eyes $310 Billion Tax Cut
President-elect Barack Obama and congressional Democrats are crafting a plan to offer as much as $310 billion of tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.
The size of the proposed tax cuts -- which would account for about 40% of a stimulus package that could reach $775 billion over two years -- is greater than many on both sides of the aisle in Congress had anticipated, and may make it easier to win over Republicans who have stressed that any initiative should rely relatively heavily on tax cuts rather than spending.
Democratic leaders and Obama aides now acknowledge that congressional Democrats' initial goal of passing the recovery package before Mr. Obama's Jan. 20 inauguration is unrealistic. Instead, they are hoping for passage before Feb. 13, the first recess of the new Congress.