Photo: AP Photo/Paul Sancya
President Barack Obama will formally present his $447 billion jobs plan to Congress today, after a speech from the White House encouraging to pass the bill.Obama unveiled his proposal in broad strokes to a Joint Session of Congress on Thursday night, asking them to “pass this bill”. He will speak from the Rose Garden at 10:40 this morning to encourage Congress to pass his plan.
Obama promised that the American Jobs Act would include spending cuts or revenue increases to offset the steep price tag — saying he would push to end corporate tax loopholes and raise taxes on the wealthy to pay for his plan to jump-start the economy. These specifics will be outlined in the bill Obama will present to lawmakers this evening.
Later in the week, Obama will travel to Ohio and North Carolina to build public support for the plan.
In a speech on Friday, Obama encouraged Americans to contact congressional lawmakers and encourage them to back his bill.
The House Republican leadership informed Obama in a letter that they do not expect him to make his proposals an “as an all-or-nothing proposition,” adding that they will change it to make it “more impactful or effective” as they see fit.
Moody’s Economist Mark Zandi estimated the bill would create 1.9 million jobs and increase GDP by 2 per cent.
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