Obama's Jobs Bill Goes to Congress Tonight
But it's missing one crucial element, 'Los Angeles Times' notes
By Evann Gastaldo, Newser Staff
Posted Sep 12, 2011 7:08 AM CDT
In a Sept. 8, 2011 file photyoPresident Barack Obama delivers a speech to a joint session of Congress at the Capitol in Washington.   (AP Photo/Kevin Lamarque, FILE-POOL)

(Newser) – "Pass this bill," President Obama said more than two dozen times during his two speeches last week touting his jobs bill—and he’ll say it again tonight when he officially sends the American Jobs Act to Congress. “He will call on Congress to pass the bill, which contains the kinds of proposals to grow the economy and create jobs that have been supported by both parties in the past,” a White House official tells Politico. Obama will announce the sending of the bill in a Rose Garden ceremony today, flanked by teachers, firefighters, and others who the official says would benefit from the legislation.

But before the bill heads to Congress, the Los Angeles Times talked to Moody's chief economist, Mark Zandi, who notes that Obama's $447 billion job creation package fails to address one crucial area: the depressed housing market. Housing woes fuel larger economic problems, including unemployment, because they keep struggling homeowners from starting businesses or moving to take new jobs, among other factors. While Obama said he would help “responsible homeowners” refinance their mortgages when presenting the bill, he said little else on the matter. The plan does not include any new relief for those in or near foreclosure, nor does it address the problem of what to do with empty homes. See the LAT for more.

Next on Newser: IBM's Watson Gets a Job
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
American Jobs Act: President Obama to Send Jobs Bill to Congress Tonight is...
21%
13%
10%
5%
48%
3%
Show results without voting
You Might Like
Comments
Showing 3 of 19 comments
JackNelsonSteward
Sep 12, 2011 4:02 PM CDT
What to do with empty homes? Charge the banks property tax. They wanted'em ... they got'em ... they should be payin' taxes on'em just like any other owner. If enough Americans get enough work, the housing crisis could begin to resolve. First, there are people who, employed, will be able to pay their mortgages and ease out of default. There is also the fact that people who are employed might actually begin to go looking for houses and some of this inventory that's sitting on top of the market might move. First, though, the poor bill has to go for a swim with the Piranha Party and we shall see what skeletal remains are left.
hamsammichs
Sep 12, 2011 11:38 AM CDT
Unions contribute $400 million to Barry's 2008 campaign. Roughly 1/4 of this stimulus goes to union job security. Thats so fucking rad. GO BARRY! Lets take these sons of bitches out! <('-'<) (>'-')>
Fondue
Sep 12, 2011 8:53 AM CDT
As the bill was outlined by the president, this bill is a jobs bill that focuses on infrastructure. I'd say there's a housing and mortgage bill on the way. Geithner has called for one earlier this year. http://www.reuters.com/article/2011/02/28/usa-housing-geithner-idUSN2828616120110228