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Obama jobs plan could cost $300 billion, include tax cuts, new spending

By David Nakamura and Zachary A. Goldfarb

President Obama is planning to propose a jobs program on Thursday that could entail at least $300 billion in tax cuts, local government aid, and spending on infrastructure such as roads and schools as he aims to restore public confidence in his ability to boost the economy.

Obama, whose approval ratings are at record lows, will present his proposals before a joint session of Congress at 7 p.m. in an address that could mark a critical moment in his presidency. Obama will unveil a bill with his proposals--“The American Jobs Act”--which the White House says will be fully paid for. His renewed focus on employment comes as the economic recovery has essentially stalled, with a discouraging government report last week showing that job creation came to a halt in August.

The White House has been developing a package of jobs proposals since last month, when Obama completed months of negotiations with Republicans over a deficit-reduction deal.
The president’s plan, in large part, will call for continuing current measures to stimulate the economy, including a 2 percentage-point payroll-tax cut and extended unemployment benefits, administration officials say. Obama is also likely to call for an additional tax cut for companies that hire workers. Those measures together could cost about $200 billion next year.

SOURCE: Washington Post