U.S. President Barack Obama goes to Capitol Hill Thursday night to outline his plans for boosting the lagging U.S. economy and creating jobs.

The nationally televised address to a joint session of the Congress takes Mr. Obama before a House of Representatives dominated by his Republican opponents and a Senate where Democrats are hard pressed to build support for the president's policies.

Stock markets in Europe and the United States staged modest rebounds Wednesday fueled by speculation the speech would include economic stimulus proposals.

White House spokesman Jay Carney refused to share any details of the president's plans with reporters during a scheduled briefing Wednesday.

Carney said the president will call on lawmakers to act quickly on his proposals, saying Congress needs to “get its act together and do something.”

The Democratic 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 say that the proposals represent a reprise of his failed economic policies.

U.S. news media report the president's plan could cost $300 billion and would include renewing financial assistance for workers who have been unemployed for extended periods. Earlier this week, the president said he wants to extend for a year the 2 percent payroll tax cut for all workers that is set to expire at the end of this year.

In addition, the president plans to seek approval for the same tax cut for employers, and add a tax credit for companies that hire more workers. Mr. Obama also plans to call for new spending to fix the country's aging and crumbling roads, bridges and schools.

The country's economy has virtually stalled, growing at a slow pace, and last month added no new jobs. About 14 million workers are unemployed and millions more are working part-time or in jobs they consider below their skill level.