President-elect Barack Obama plans to include about $300bn in tax cuts for workers and businesses in his economic recovery programme, advisers said Sunday, as his team seeks to win over Congressional skeptics worried about his focus on government spending, reports the NYT. The legislation Obama is developing with Congressional Democrats will devote about 40% of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, costing roughly $150bn. The package will also include more than $100bn in tax incentives for businesses to create jobs and invest in equipment. The overall package, of $675bn-$775bn, is taking shape as Obama begins trying to build support for his fiscal stimulus plans. However, reports the FT, congressional leaders warned the package is unlikely to be passed before Obama’s Jan 20 inauguration.
