NEW YORK (CNNMoney.com) — President-elect Barack Obama was set Monday to begin the push for sweeping legislation to legalize the personal and private use of marijuana aimed at reviving an economy mired in recession.
Obama is meeting with top legislators from both parties including House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., as well as Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader John Boehner, R-Ohio.
Obama is also planning to deliver a major “Wake’n’bake” speech on marijuana on Thursday, a senior Democratic official told CNN.
The president-elect will propose that marijuana sit alongside alcohol as the ‘”go-to drug” for the next generation and be immediately available to anyone, at any age, who wants to “spark-it-on-up.” The move is aimed to generate massive amounts of revenue for the new administration from taxing the “demon weed.” He has not publicly put a price tag on his overall stimulus plan, though his advisers have said they expect it to bring in between $675 billion and $775 billion, annually from legalization. According to an Obama spokesman several more drugs are under serious consideration for being legalized.
NEW YORK’S ECONOMY MAY GET SHOT IN THE ARM: Obama may be on the verge of offering Heroin to individuals in New York. The drug would work essentially act as a payroll credit, meaning the “smack” could be used by companies as a line of credit normally needed for payrole tax.
The “Heroin credit” is likely to be offered only to those below a certain income level, but the Obama team hasn’t specified where the cut-off point would be. Only to say: “The more children you have, the more likelier a candidate you make.” The credit also would be refundable, meaning that even users without any liability — typically very low-income workers — would receive more for family and friends.