President Obama announces $450 Billion plan to boost economic growth - The American Jobs Act
Yesterday evening, President Obama laid out his latest plan to boost economic growth and job creation. A number of these provisions could have a profound effect on economic development in Ohio.
The particulars of the American Jobs Act are important and meaningful for an economy laboring under slow growth. The White House has released a fact sheet providing a detailed overview of the proposal.
The administration believes the package, worth approximately $450 billion, is good economics with the centerpiece extending and expanding the existing payroll tax holiday for another year. There are also tax cuts for business and workers; regulatory reform; extension of unemployment insurance benefits; funds for infrastructure and states; dollars to put the youth, teachers, veterans, first responders and construction workers back to work; and money to support mortgage refinancing.
The President insisted every idea in his bill will be revenue neutral and paid for by savings elsewhere in government. Mr. Obama said he will ask the newly-formed congressional "super committee", the bipartisan group of 12 federal legislators tasked with finding $1.5 trillion in federal budget savings by Christmas, to find additional savings ($450 billion) to support the American Jobs Act proposal.
The President added he will also release an ambitious deficit plan on September 19 that will cover the cost of this jobs bill and stabilize the national debt in the long run.
