President Obama plans tomorrow to unveil a $300 billion jobs strategy that will involve tax relief for workers and spending on public works projects such as road repair and school renovations to put America back to work, according to sources familiar with the plan. Half of the stimulus will come from tax cuts, including a year-long extension of a Social Security payroll tax reduction for workers and a possible cut in payroll taxes paid by employers, according to Bloomberg. The plan also involves the extension of unemployment benefits, offering job training for the unemployed, and a program to prevent teacher layoffs, reports the Los Angeles Times.
The president plans to fund his strategy with long-term deficit savings he hopes will be passed by Congress as part of an overall debt reduction program, reports the New York Times. Republicans are already spoiling for a fight. Senate Minority Leader Mitch McConnell predicted Obama's speech tomorrow night before a joint session of Congress will be "more of the same failed approach." Senate Majority Leader Harry Reid accused Republicans of insisting on "reckless cuts to hurt our economy" rather than working with the Democrats to support jobs legislation. The president has very little left to lose with his new proposal: The latest NBC/Wall Street Journal poll isn't pretty. (More jobs plan stories.)
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