Stimulus money to start showing up in your checks soon

You’re likely to see some more green in the next couple of weeks. Not only on the trees. Very possibly in your wallet, too. President Obama has asked that all employers adjust their payroll systems by Wednesday so eligible workers can start receiving the new Making Work Pay tax credit through their paychecks. The credit, available for 2009 and 2010, was a part of the economic recovery package lawmakers passed in February. Just how much extra cash you will see depends on your marital status, your salary and how many allowances — or exemptions — you normally take. – From CNN

Obama plans to slash deficit in half by 2013

Cutting our deficit isn’t a sexy thing, but an aggressive plan is what we want to see. Let’s just not wuss out on it.

After a string of costly bailout and stimulus measures, President Barack Obama will set a goal this week to cut the annual deficit at least in half by the end of his term, administration officials said. The reduction would come in large part through Iraq troop withdrawals and higher taxes on the wealthy. Obama’s budget outline, which he will release on Thursday, will also confirm his intention to deliver this year on ambitious campaign promises on health care and energy policy. 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. – From International Herald Tribune

While President Barack Obama has campaigned for and won hundreds of billions of dollars in stimulus to help revive the economy he is also working on a plan to cut the federal deficit in half by the end of his first term. Obama inherited a deficit of about $1.3 trillion from former President George W. Bush. An administration official Saturday, Obama’s 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. While that suggests a two-thirds reduction, exceeding Obama’s goal of at least half, advisers note that the current deficit as a starting point is inflated by one-time expenses to stimulate the economy. After a White House fiscal policy summit on Monday Obama will address his efforts to restore fiscal discipline to Congress on Tuesday. On Thursday he plans to send at least a summary of his first budget request to Capitol Hill. – From ChattahBox.com

President Barack Obama plans to increase taxes on the wealthy and cut spending for the war in Iraq as part of a plan to slash the U.S. budget deficit to $533 billion by the end of his first term, according to an administration official. Obama wants to reduce the deficit because he’s concerned that over time, federal borrowing will make it harder for the economy to grow and create jobs, said the official, speaking on the condition of anonymity. – From Bloomberg

What the Stimulus Bill means for the average American

With the passing of the Stimulus Bill, people are saying, what does it mean for me? Am I getting anything out of it? What’s the fraking deal?

Well, here’s the deal. In easy-to-understand form, the Stimulus Bill delivers the following to every American:

- A regular size can of spam.
- A free set of rabbit ears to pick up all those amazing analog transmissions floating around the house.
- $2000 tax credit for any car or truck that runs strictly on gummi worms.
- A free dog delivered by Mickey Rourke.
- VHS copies of the full Mama’s Family catalog.
- 100 share of Charter stock (value of $.11 total).
- A baby from Nadya Suleman.
- Complete set of all four new Lincoln pennies.
- Special Rod Blagojevich for Senate T-Shirt.
- Any family can have its pet monkey executed for free at your request.
- A reality show on Fox.
- National promise of Paul Blart: Mall Cop II.
- Gold plated toilets (for displaced CEOs only).
- Larry King 24/7.
- Forgiveness of all mortgage payments for those who don’t owe anything on their home.
- Florida Marlins season tickets.

There you go! Start planning your fun now!