U.S. President Barack Obama says starting Saturday
employers begin reducing taxes for 95 percent of working Americans who will see
the benefits in paychecks by April 1.
In his weekly address, Mr. Obama
said the average U.S. family will keep an extra $65 a month.
Obama says that the tax cut will reach more Americans more quickly than at any
time in the nation's history.
The tax cuts, which fulfill Mr. Obama's
campaign promise, will be funded by a $787 billion stimulus package, the
American Recovery and Reinvestment Act, adopted last week to create jobs and
revive the deeply troubled economy.
In the weekly Republican response,
Representative David Camp of Michigan said his party wants to work with Mr.
Obama to rescue the nation's economy, but in what he called "a responsible way"
that does not burden future generations with a mountain of
Republicans in the Democratic-controlled Congress largely opposed
the stimulus bill, complaining it has too much federal spending and too few tax
The president warned Saturday that the stimulus measure is only a
first step toward turning around the economy, which has been hit hard by
problems in the banking and housing sectors.