Obama to Propose $300B for Jobs

In his speech Thursday, President Obama will ask Congress to pump $300 billion into the economy for job creation—mainly through tax cuts, infrastructure spending, and direct aid to state and local governments, sources told Bloomberg News on Tuesday. As part of the long-term deficit-reduction package, the president will reportedly ask Congress to offset the cost of these measures by raising tax revenues in later years. So far, White House Press Secretary Jay Carney has refused to discuss any details of Obama’s plan, except to say it will include “some proposals you have not heard us talk about.” Job creation and the lagging economy will be key factors in Obama’s reelection campaign next year. One of his main rivals, former Massachusetts governor Mitt Romney, laid out a large-scale economic-recovery plan Tuesday that called for cutting the corporate tax rate, placing sanctions on China, and immediately reducing some taxes on the middle class.