President-elect Barack Obama is seeking a whopping $300 million in tax breaks for individuals and businesses, making his first priority as president crystal clear. The cuts are aimed at reviving an economy locked in a recession that shows no end in sight.

Obama began meeting with lawmakers from both parties on Monday, 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).  The goal was to hammer out a plan for delivering a wide-ranging economic stimulus package.

The President-elect has not officially put a price tag on the tax plan, but his advisers have said that it could fall between $675 billion and $775 billion; about 40 percent of which would be in tax cuts. If it passes through Congress, Obama’s tax cuts would result in about $500 a year for individuals and $1,000 for couples.  According to CNN, the tax credit would essentially work as a payroll tax credit, meaning that the money would be delivered fairly quickly because companies could simply reduce the tax they withhold from their employees' paychecks.

The tax 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. The credit would also be refundable, meaning that even tax filers without any tax liability, typically very low-income workers, would receive one.