From the BBC:

The tax cuts announced on Saturday are part of a $787bn stimulus plan that Mr Obama signed into law this week.

The plan, aimed at reviving the US economy amid a global economic crisis, is split into 36% for tax cuts and 64% percent allocated for spending on social programmes.

Mr Obama said the US treasury had already begun directing employers to reduce the amount of taxes claimed from pay cheques.

The savings will reach 95% of American families, he said.

"Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans," the president said.

Go read his editorial, The Union Way Up. Fifty years ago, the nation still thought Unions (or organized labor) were good for the economy, good for the nation, good for the middle class, good for the working man and his family.
Excerpt from Reich:

The way to get the economy back on track is to boost the purchasing power of the middle class. One major way to do this is to expand the percentage of working Americans in unions.

Tax rebates won't work because they don't permanently raise wages. Most families used the rebate last year to pay off debt -- not a bad thing, but it doesn't keep the virtuous circle running.

On deficit spending and the need for boldness in addressing our economic woes:

Jamie Galbraith responds to the question posed by the National Journal, "Is the deficit a threat to future recovery?"

James K. Galbraith, National Journal: No. The question is grossly misconceived. Right now and for the immediate future, the budget deficit is the only source of demand that can fuel a recovery. Our present problem is not that it is too big, but that it is too small. Far too small.

Joe Stiglitz in the NY Times:

A $1 Trillion Answer
By JOSEPH E. STIGLITZ
Published: November 29, 2008

WHAT President-elect Barack Obama will need to do is horribly complicated but also very clear.

First, he must stop the economy from going deeper into recession. Then he needs to bring about a robust recovery, preferably in ways that support the long-term needs of the United States: by repairing our neglected public works, invigorating our technological leadership, making our society greener, fixing our health care problems, healing our social and economic divide, and restoring our social compact.