Obama Mulls Tax Cuts, Spending to Goose Economy

The Obama administration is examining new ways to boost the economy amid troubling unemployment statistics. The White House and Democratic leaders in Congress are considering strategies that include new transportation spending and an extension of tax credits for first-time homebuyers and small businesses struggling with operating losses. A proposal to offer employers $3,000 for every new hire has also been revived.

"The economic team is certainly looking at any way that we can create more jobs," said White House Press Secretary Robert Gibbs. He stressed that the options on the table don't represent a new stimulus package, but an extension of the existing $787 billion stimulus package. Moves to prevent job losses are being paired with efforts to help those who have already lost their jobs by extending safety net programs, reports the New York Times.
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