President Obama Outlines $450 Billion Jobs Plan

Posted September 8th, 2011 at 8:25 pm (UTC-5)
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U.S. President Barack Obama has urged lawmakers to pass a nearly $450 billion job creation plan combining tax cuts with government spending.

President Obama outlined the American Jobs Act in a speech before a joint session of Congress Thursday. He said the United States is in a “national crisis” and called for immediate action to revive the economy and improve people's lives.

During the televised address, Mr. Obama called for an end to partisan politics, describing it as a “political circus,” and urged lawmakers to take steps to help the economy.

Mr. Obama said his proposal would cut taxes for workers and businesses and lead to new jobs for construction workers, teachers and other Americans. The bill includes initiatives to put people to work repairing and modernizing roads, railways, airports, waterways and at least 35,000 schools.

The president said it also offers tax credits to companies that hire long-term unemployed workers and cuts payroll taxes in half for every working American and every small business.

Recent figures showed job creation at a standstill, amid fears of a possible second recession.

The president's plan is likely to meet with considerable opposition from Republican lawmakers, who are opposed to increased spending by the debt-ridden government.

In advance of the speech, some Republicans said the proposals represent a reprise of what they say are the president's failed economic policies.

The country's economy has virtually stalled, and federal figures show that no new jobs were created in August. About 14 million workers are unemployed and millions more are working part-time or in jobs they consider below their skill level.