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US President Barack Obama has announced new initiatives in a bid to speed up his country's economic recovery. The measures include a permanent extension of research and development tax credits for businesses, and infrastructure investments. Obama also says he wants a tax cut for middle class families.
On a campaign trip to Cleaveland, Ohio before the November 2nd midterm elections, Obama admitted his economic policies have not worked as quickly as he hoped. But, he argues his Democratic party and proposals are still better placed to boost the U.S. economy.
In an effort to inject new stimulus in the economy, Obama says he wants permanent tax cuts for the middle class, saying they are more likely to spend on basic necessities, which would strengthen the economy as a whole.
Obama said, "We should not hold middle class tax cuts hostage any longer. We are ready, this week, to give tax cuts to every American making $250,000 or less. "
For people making more than 250,000 US dollars a year, Obama says he will not extend Bush-era tax cuts, claiming they are not affordable any more.
Obama said, "For any income over this amount, the tax rates would go back to what they were under President Clinton. This isn't to punish folks who are better off -- God bless them -- it is because we can't afford the $700 billion price tag."
Obama says his administration is proposing a more generous, permanent extension of tax credits to research and innovation firms. His plan would cost 100 billion dollars.
Obama said, "We see a future where we invest in American innovation and American ingenuity; where we export more goods so we create more jobs here at home; where we make it easier to start a business or patent an invention; where we build a homegrown, clean energy industry - because I don't want to see new solar panels or electric cars or advanced batteries manufactured in Europe or Asia. I want to see them made right here in America, by American workers."
U.S. economic growth slowed to an annual rate of 1.6 percent in the second quarter of this year, the slowest quarterly gain since the U.S. economic activities began to pick up in the second half of last year.
To add to new momentum, Obama has also announced a 50 billion-dollar plan to renew and expand the nation's roads, railways and runways.
全球公众传媒摘编：GAN JADE |
