Obama Said to Plan More Than $300B Jobs Package - still being finalized, some proposals could change [View All]

[jefferson_dem]

Obama Said to Plan More Than $300B Jobs Package
By Albert R. Hunt - Sep 6, 2011 6:03 PM ET

President Barack Obama plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts, infrastructure spending and direct aid to state and local governments.

Obama would call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional supercommittee charged with finding ways to reduce the nation’s debt.

Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers.

<SNIP>

The main components of Obama’s jobs plan, though not its scale, have been largely telegraphed by the administration. Obama has pressed Congress throughout the year to renew the payroll tax holiday along with extended unemployment benefits, which also expire Dec. 31. Backing for a reduction in the employer contribution to the payroll tax has been under consideration since at least June.

<SNIP>

http://www.bloomberg.com/news/2011-09-06/obama-said-to-plan-more-than-300-billion-for-jobs-to-boost-u-s-economy.html

Obama said to be looking at $300 billion jobs plan

By JIM KUHNHENN
Associated Press

WASHINGTON (AP) -- People familiar with the White House deliberations on a jobs package say President Barack Obama is considering a plan totaling about $300 billion in tax cuts and spending for 2012.

Two of the biggest measures are expected to be a one-year extension of a payroll tax cut for workers and a continuation of unemployment benefits. Those items would total about $170 billion.

The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could be changed before Obama introduces his plan Thursday night in his address to Congress.

The White House is considering tax incentives for businesses that hire as well as spending for public works projects.

<SNIP>

http://hosted.ap.org/dynamic/stories/U/US_OBAMA_JOBS_PACKAGE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT