Obama says his economic plan will be refined

Published: Friday, Jan. 9, 2009 12:10 p.m. MST
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The details are closely held and subject to change — and the cost of various components seems to be bouncing around daily in the push and pull between the Obama transition team and congressional leaders.

Obama's chief political strategist, David Axelrod, and incoming chief of staff, Rahm Emanuel, heard plenty of ideas and criticisms during Capitol Hill meetings Thursday.

"There was what one would expect, which is constructive comments," Axelrod told reporters. "I'm not going to characterize it as push-back. I'm going to characterize it as people doing their jobs."

House Speaker Nancy Pelosi, D-Calif., promised lawmakers would cancel next month's planned Presidents' Day recess if necessary.

About $300 billion of Obama's package would be for tax cuts or refunds for individuals and businesses.

One tax provision would provide a $500 tax cut for most workers and $1,000 for couples, at a cost of about $140 billion to $150 billion over two years. The individual tax cuts may be awarded through withholding less from worker paychecks, effectively making checks about $10 to $20 larger each week.

Democrats emerging from a closed-door meeting of the Senate Finance Committee had little positive to say about the tax cut proposals. Conrad was critical of the proposed break for workers and their families.

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"Twenty bucks a week. How much of a lift is that going to give?" he said.

Nor did he sound positive about a proposed tax break for businesses to create jobs — a $3,000 tax credit for companies that hire or retrain workers.

"If I'm a business person, it's unlikely if you give me a several thousand dollar credit that I'm going to hire people if I can't sell the products they're producing," Conrad said.

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Bus Catcher and OJT | Jan. 9, 2009 at 7:12 p.m.

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