Republican House Speak John Boehner says President Barack Obama's job creation plan is a “poor substitute” for policies needed to boost job growth in the country.

In a speech to the Economic Club of Washington Thursday, Boehner said job creation in America is threatened by excessive regulation, the current tax code and government spending.

He called on a special congressional committee to tackle tax reforms and loopholes without increasing personal and corporate tax rates. Despite widespread Republican opposition to Mr. Obama's plan, Boehner said there are opportunities within the president's proposal for common ground.

Boehner's speech comes in response to Mr. Obama's $447-billion jobs bill. The American Jobs Act, which was sent to Congress Monday, combines tax cuts, infrastructure spending and job training proposals – which he says will help small businesses, employ construction workers, and generally strengthen the economy.

Unemployment in the United States is hovering at about nine percent.

The White House says it will fully pay for the jobs package, stabilize the deficit and debt over 10 years, and go beyond the $1.5 trillion target of additional savings that a joint congressional committee must achieve.

President Obama will announce a long-term deficit and debt-reduction plan next week.