Business beware: president Obama's policy priorities.

• Author: Miller, Matt
• Position: Washington insights - Barack Obama - American Recovery and Reinvestment Act of 2009

President Barack Obama's "first 100 days" ended April 30, having been fast, furious, eventful and full of change. The significance placed on this benchmark date by political pundits makes now a good time to take a look both back and ahead to the critical policy debates on the horizon.

Throughout Obama's campaign, the policy priorities he promoted were: stabilizing the economy (and financial system), energy independence, health-care reform, middle-class tax relief and education reform. As president, early efforts have indicated he's serious about these priorities and wants to act quickly while he still has the necessary political momentum to move his agenda. It's anyone's guess as to when his ample supply of political capital will squander. So far, the Democratic majority in Congress has worked hard to implement the president's agenda and Democratic legislative proposals have been abundant.

History shows that a president's momentum doesn't last forever. Obama's political capital, too, will diminish over time and some of his policy initiatives will be hard to get through Congress. Certain of his nominees' tax practices haven't helped his momentum, but nonetheless, nothing seems to be slowing him down.

The First 100 Days

Obama immediately tackled health care by signing legislation--just 15 days into his term--expanding the State Children's Health Insurance Program. This law is significant because Democrats had failed twice during the Bush Administration to push it through Congress. Concurrently, the Obama administration is working closely with congressional leadership on the second major economic stimulus package.

On Feb. 17, the president signed the $787 billion "American Recovery and Reinvestment Act." Based primarily on Obama's proposals, it's the largest spending bill in the history of the United States. This unprecedented effort to jumpstart the economy contains a multitude of unemployment and social-welfare provisions, as well as domestic spending for healthcare, education and infrastructure (targeted at the energy sector). Unfortunately, it does not contain the tax relief that many business leaders deemed necessary for a quick economic recovery.

The act includes $288 billion in tax cuts, but only $51 billion was in the form of tax relief for businesses.

On Feb. 26, the president's fiscal year 2010 budget plan was sent to Congress. His $3.55 trillion budget request is also unprecedented and moves sharply from the economic policy that has...