President-elect Barack Obama has proposed about $300 billion in tax cuts for workers and businesses as part of the economic recovery package he hopes will be enacted shortly after he enters office, The New York Times reported.

About 40 percent of the $675 billion to $775 billion two-year program would go toward tax cuts, including credits of up to $500 for most workers and more than $100 billion in tax incentives for businesses to create jobs and invest in equipment or factories, Obama’s advisers said Sunday.

Republicans have begun criticizing the recovery package as runaway spending.

The bill will not be ready for Obama’s signature right after his inauguration on Jan. 20 as Democratic leaders originally hoped, but could be passed by mid-February, before the congressional President’s Day recess.

Obama also is expected to announce this week that he will impose more control over the federal budget in the future, including changing Pentagon contracting and aid to corporate America and appointing a chief performance officer and chief technology officer to make government more efficient.