Democratic presidential hopeful Barack Obama unveiled an economic stimulus plan sunday that he said would provide tax relief for middle income families and help jump start an economy he said was showing signs of slowing.The plan, which would immediately inject $75 billion into the economy and retain $45 billion in reserve to be used over the next three months if necessary, was presented Sunday by Obama advisers Gov. Tim Kaine of Virginia, former Clinton Commerce Secretary Bill Daley, and economic adviser Austan Goolsbee.

The plan, they said, is one Obama would not only enact if elected, but one he is asking Congress and the president to pass now.

Obama's plan would provide immediate tax relief and help offset a coming economic slowdown being signaled, he believes, by the recent .3 percent jump in unemployment rates, advisers to the campaign said Sunday.

Obama supporter Gov. Tim Kaine of Virginia said the plan addresses both long-term growth and immediate concerns, and shows Obama understands the importance of education, technology, and a thriving small business sector.

The main difference between Obama's plan and that being offered by his chief rival for the Democratic nomination, Sen. Hillary Clinton, is that Clinton's plan would not be able to kick in immediately.

Obama's stimulus plan has four components to prevent recession:

1.Cut $250 checks for some 150 million low and middle income workers and send them out. If needed, send out an additional $250 per worker, totaling $500 for these workers

2.Likewise, send $250 to seniors earning under $50,000 as a Social Security supplement, and and prepared to send out a second $250 payment

3.Establish a $10 billion fund to help "responsible" families avoid foreclosure. The money would be given to homeowners who did not lie about their incomes and were "mindful of personal responsibility."

4.Provides money to state and local governments hardest hit by housing crisis to prevent them from slashing infrastructure and other important state spending

5. Expand unemployment insurance

Asked how Obama would pay for the package, Goolsbee said the point was to get the money immediately into the economy, and that while it could increase the deficit in the immediate term, macro macro economic experts agreed it would prevent a costly recession in the long-term.

The advisers said the $45 billion reserve could be used to offset the possible effects high oil prices could have on the proposed breaks.

FOX News' Bonney Kapp contributed to this report.