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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Obama hails 'quickest and broadest' tax cut AFP - Sunday, February 22 WASHINGTON (AFP) - - US President Barack Obama on Saturday hailed the start of the "quickest and broadest" tax cut in history and vowed to tackle the trillion-dollar deficit facing the nation. ADVERTISEMENT Obama assured Americans tax relief was on the way, and should start taking effect Saturday as the Treasury instructed employers to begin instituting tax breaks to boost the paychecks of 95 percent of American families. "Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans," Obama said after the White House described the move as the "quickest and broadest" tax cut in history. "The Treasury today began directing employers to reduce the amount of taxes withheld from the paychecks of millions of American workers -- a step unprecedented in its speed and scope," the Treasury said in a statement. By April 1st, a typical family will receive at least 65 additional dollars ever month, it added. Obama said that he and his administration were determined to do "all we can to get exploding deficits under control as our economy begins to recover." While he hailed his recovery plan, saying that because of it "three and a half million Americans will now go to work doing the work that America needs done," he also acknowledged that the stimulus plan he signed into law this week was only a first step on the road to economic recovery. Obama said he was now determined to put spending under control, saying that work on the deficit will begin on Monday, when he is to convene a fiscal summit of independent experts, unions, advocacy groups and members of Congress to discuss how the deficit could be cut. According to the Congressional Budget Office, the provisional US budget deficit in fiscal 2009 will balloon to a record 1.2 trillion dollars. That figure does not include the mammoth 787-billion-dollar stimulus package Obama signed into law on Tuesday. The deficit for fiscal 2008, which ended in September, reached 438 billion dollars, or 3.1 percent of the nation's gross domestic product, the office said in a report last month. He promised to further tackle the issue in Tuesday's address to a joint session of Congress, in which he planned to outline urgent national priorities to the nation. On Thursday, the White House is to release a budget blueprint, which Obama said is "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." He said a complete recovery will require stemming the spread of real estate foreclosures and falling home values, stabilizing and repairing the banking system in order to restore the flow of credit to families and businesses, and reforming the broken regulatory system that enabled the crisis. "None of this will be easy," he cautioned, saying the country's economic problems must be addressed as a whole. "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." Roughly a third of the stimulus funds are to be spent on tax cuts, totaling 286 billion dollars, in an effort to boost consumer spending, a key engine of the world's largest economy. A further 120 billion dollars are being allocated to "shovel-ready" infrastructure projects in sectors like transportation, road building, improving the power grid and renewable energy installations. Leading Republicans and other critics said the gigantic spending plan was mortgaging the nation's future, for which America's "children and grandchildren will pay a hefty price." Email Story IM Story Printable View Blog This Recommend this article Average (2 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A constuction work sign is seen during a repaving project by the Florida Department of Transportation. US President Barack Obama on Saturday hailed the start of the "quickest and broadest" tax cut in history and vowed to tackle the trillion-dollar deficit facing the nation. Related Photos Slideshow US elections 2008 Most Popular – Top Stories Viewed Huge gamma-ray blast spotted in space Seductive chemicals hidden in sloppy kisses US moves to dispel bank nationalization rumors Malaria: Spoonful of sugar could save thousands of children Bank fears drag down world markets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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