White House: “Two important takeaways from the President’s Weekly Address [Saturday February 21, 2009].

1. the American Recovery and Reinvestment Act will start having an impact as soon as a few weeks from now, in the form of the quickest and broadest tax cut in history: “Because of what we did, 95% of all working families will get a tax cut…this morning, the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks — meaning that by April 1st, a typical family will begin taking home at least $65 more every month. Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans.”
2. once the economy has recovered and we’ve laid the groundwork for a sustainable future, the President is committed to taking on the massive deficits we inherited: “That work begins on Monday, when I will convene a fiscal summit of independent experts and unions, advocacy groups and members of Congress to discuss how we can cut the trillion-dollar deficit that we’ve inherited. On Tuesday, I will speak to the nation about our urgent national priorities, and on Thursday, I’ll release a budget that’s sober in its assessments, honest in its accounting, and that lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline.”

   New York Times: “The president inherited a deficit for 2009 of about $1.2 trillion, which will rise to more than $1.5 trillion, given initial spending from his recently enacted stimulus package. His budget blueprint for the 2010 fiscal year, which begins Oct. 1, will include a 10-year projection showing the annual deficit declining to $533 billion in the 2013 fiscal year, the last year of his term, officials said.”

   Related postings on financial system