Second Stimulus, Additional Debt Release Coming President to trade short-term spending for long-term cuts By Mark Russell, Newser Staff Posted Aug 18, 2011 7:59 AM CDT 61 comments Comments US President Barack Obama is preparing to announce a second stimulus package and additional debt cuts. (Getty Images) (Newser) – President Obama's promises to boost jobs and cut the deficit are taking shape, with a new stimulus and tax cuts for companies that hire new workers to be announced in a major address right after Labor Day, reports the Washington Post. The stimulus is said to focus on road building, construction, and the long-term unemployed. The president may also propose mortgage relief for struggling homeowners. The push for more spending will come with additional deficit reduction moves. “We can’t afford to just do one or the other. We’ve got to do both,” said Obama yesterday. “When Congress gets back in September, my basic argument to them is this: We should not have to choose between getting our fiscal house in order and jobs and growth."