President's jobs address previewed
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Tomorrow, the President is scheduled to make an address before a joint session of Congress to lay out the White House’s plan to create job growth and kick start the economy.
In anticipation of the speech, some details of the plan have been leaked. The plan consists largely of stimulus, including extending the payroll tax cut and extending unemployment benefits, expected to cost up to $300 billion.
With the economy struggling and his reelection campaign gearing up, President Barack Obama plans to propose a jobs package worth several hundred billion dollars, mostly in tax cuts, infrastructure spending, and direct aid to state and local governments, according to reports on Wednesday.
The plan’s price tag is roughly $300 billion, the Associated Press, Bloomberg News and CNN reported. The Washington Post pegged it at least $200 billion, while The New York Times said it would come in at “several hundred billion” dollars, but didn’t report a specific figure.
The president also will continue for one year a tax break for business that allows them to deduct the full value of equipment.
The measure will be paid for with spending reductions in other areas, according to several reports.
But Bloomberg News said that Obama will ask Congress to offset the cost of these measures by raising tax revenue in later years, as part of a long-term deficit reduction package.
Stay tuned to Bankrupting America for a full analysis of the President’s speech.