After detailing his plan to get Americans back to work in a joint session last Thursday, President Obama sent his proposal to Congress to officially begin the process. The bill will cost $447 billion dollars, and will include infrastructure spending and tax cuts to small businesses and middle class workers.
The President held a press conference in the Rose Garden of the White House today, where he was surrounded by middle class workers like Teachers, Police Officers and Construction workers – the type of workers the President said the bill will support. He repeated his call to Congress to “pass the bill now,” saying “this is a bill that will put people back to work all across the country.”
Mr. Obama also addressed the Republicans in Congress, and asked for them to put country ahead of party, saying, “The only thing that’s stopping it is politics. We can’t afford these same political games… Let’s get something done. Let’s put this country back to work.”
Republicans on the other hand are already paving the way to put up a fight against the President’s jobs bill. House Speaker John Boehner hinted at various spending bills enacted in the previous Democratic controlled congress, suggesting the additional spending may be an issue for Republicans. He said;
“The record of the economic proposals enacted during the last Congress necessitates careful examination of the president’s latest plan as well as consideration of alternative measures that may more effectively support private-sector job creation,” Boehner said. “It is my hope that we will be able to work together to put in place the best ideas of both parties and help put Americans back to work.”
President Obama has said the $447 billion jobs bill will be paid for through various ways, including;
- — A limit on itemized deductions and certain exemptions for individuals who earn over $200,000 and families earning over $250,000. That limitation would raise roughly $400 billion over 10 years.
- — Treat carried interest — that’s the interest earned by investment fund managers — as ordinary income, rather than taxing it at the capital gains rate. That would raise $18 billion.
- — Policy changes to a number of oil and gas provisions, revoking their special status, which collectively raise $40 billion.
- — A change to the corporate jet depreciation rule so that corporate jets are depreciated over seven years, like commercial jets, rather than five years. That raises $3 billion.
If the past is any indication, expect Republicans to fight this jobs bill with everything they have. Keeping Americans unemployed is their main priority – just another case of party over country.