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Obama to Propose $300B to Jump-Start Jobs Obama to Propose $300B to Jump-Start Jobs

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Employment

Obama to Propose $300B to Jump-Start Jobs

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Obama speaks about the economy on July 11, 2011.(Richard A. Bloom)

In his prime-time speech Thursday night to a joint session of Congress, President Obama is expected to propose $300 billion in tax cuts and federal spending to boost employment, according to a person familiar with the deliberations.

Of the total, about $170 billion would be from a one-year extension of a payroll tax cut for workers and an extension of expiring job benefits.

 

A number of other, smaller proposals are also being considered for inclusion in Obama’s plan, including public work projects, though at a level less than the $50 billion public works supporters have advocated. The administration is also considering proposing a tax credit for businesses to hire people who are unemployed and an extension of a one-year tax break to give employers the ability to deduct the full value of new equipment.

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