Obama is expected to propose $300 billion jobs plan

During his address Thursday night, President Obama is expected to propose $300 billion in tax cuts and federal spending to help boost U.S. jobs, according to www.msnbc.com.

Lawmakers have begun returning to the Capitol after an August recess to address legislation regarding jobs and federal deficits during a time when the 2012 presidential campaign is at the forefront.

A bipartisan congressional committee will hold its first public meeting Thursday as it seeks deficit cuts of $1.2 trillion or more over a decade. If no agreement is reached, automatic spending cuts will take effect, which lawmakers in both parties have said they would like to avoid.

Reportedly, two of the most significant measures in the president's proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and extension of expiring jobless benefits. Those two measures would total about $170 billion.

The White House also is considering a tax credit for businesses that hire unemployed Americans, which could cost about $30 billion. Additionally, Obama has proposed public works projects, such as school construction, and is expected to continue for one year a tax break for businesses that allows them to deduct the full value of new equipment.

Although Obama has said he intends to cover the upfront costs of his jobs plan by proposing long-term deficit reduction measures, White House Spokesman Jay Carney says Obama will not include a complete deficit reduction plan in his speech.

Date : 9/7/2011