Axelrod noted that the upcoming economic
recovery package will include a portion of the middle-income tax cut and
that it will be made permanent in Obama's upcoming budget plan. The economic
recovery package to be considered by Congress in early January could cost
between $675 billion to $775 billion, Axelrod estimated in an interview on
CBS News' "Face the Nation" on December 28.
Obama repeatedly has called for bold action on
a large stimulus package. National Economic Council Director-designate Larry
Summers is among Obama's top economic advisors who maintain that a stimulus
package must be large to have a positive effect on the U.S. economy and to
avoid a double-digit unemployment rate. "We want to do it in a way that
leaves a lasting footprint, by investing in energy and health care projects"
and by repairing schools and transportation infrastructure, Axelrod said.
The Obama administration's employment goal is to create three million jobs
or save three million in an effort to turn around the U.S. economy, Axelrod
said.
By Paula Cruickshank, CCH News Staff