Obama plans major speech on the economy, democratic source says

By Jeanne Sahadi
CNNMoney.com
NEW YORK (CNNMoney.com) - President-elect Barack Obama is planning a major speech on the economy Thursday, according to a senior democratic official.

The speech will follow expected meetings with key lawmakers this week in an Obama-led effort to push for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession.

The president-elect is expected to meet with top legislators from both parties on Monday, including House Speaker Nancy Pelosi, D-California, and Senate Majority Leader Harry Reid, D-Nevada, as well as Senate Minority Leader Mitch McConnell, R-Kentucky, and House Minority Leader John Boehner, R-Ohio.

The plan will include about $300 billion in tax cuts for individuals and businesses, an aide to the transition told CNN.

Obama has not publicly put a price tag on his overall stimulus plan, though his advisers have said they expect it to fall between $675 billion and $775 billion, 40 percent of which would be in tax cuts.