Obama proposes $450 billion stimulus plan to generate jobs

A summary of President Obama's speech on Jobs and the Economy

President Obama proposed a nearly $447 billion dollar jobs plan split evenly between tax cuts and additional government spending. He challenged the house Republicans to pass the legislation to create jobs. His strongest line was to call congress a circus.

The proposed tax cuts include:

1) incentives for hiring new workers, raising wages or hiring veterans,
2) continued accelerated depreciation for small business investments in 2012,
3) payroll tax cuts for small businesses and employees,
4) infrastructure investments in transportation to increase construction spending,
5) summer jobs programs for low-income youth,
6) and extends unemployment insurance for an additional year

He did not saying anything about home mortgage relief.

The president asked the deficit reduction taskforce to reduce spending by an additional $450 billion to complete pay for the program. The president will release a deficit reduction plan to cover the cost of the jobs bill.

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