Update 7:00 PM: The bill will be paid for by the richest Americans and corporations, you know, the job creators. The salary of the richest Americans has been reduced to $200,000. Jack Lew of the WH Office of Budget and Management said, the proposal includes limiting some deductions for those earning at least $200,000 a year, or for families, $250,000, a change that would save $400 billion over 10 years. It also includes changing the tax rules on carried interest to treat it as ordinary income, removing some tax breaks for the oil and gas industry, and changing how depreciation is calculated for aircraft (the corporate jets he hates so much).
Original: On Monday, President Obama renewed his push to pass the bill right away (because it’s shovel ready). It’s a $447 billion job creation program (Stimulus) with a “common sense” blueprint for recovery, he said.
Today, Tuesday, President Obama sent the unseen bill to Congress, but didn’t offer up much on how to pay for it. He’s coming up with a deficit reduction plan next week and he’s then passing it off to the “super committee.” If the super committee doesn’t find the money, it ends up coming out of defense. This comes as the President touts a component of his bill that will give Veterans job opportunities via employer tax credits.
Obama said it’s going to put people back to work across the country. Unemployment is going to put people back to work? A $4000 tax credit for employers will do it, like it did before? A temporary cut to FICA will do it like it did before? He said half the bill is tax cuts and half is infrastructure improvements (for union workers).
If this bill is anything like the last Stimulus, it will put people to work temporarily or part time. It’s probably a union and campaign donor payoff. Read here: Obama wants that jobs plan right away and here: Invisible jobs bill
John Boehner said, “The record of the economic proposals enacted during the last Congress necessitates careful examination of the president’s latest plan as well as consideration of alternative measures that may more effectively support private-sector job creation,” Boehner said. “It is my hope that we will be able to work together to put in place the best ideas of both parties and help put Americans back to work.”
In the meantime, the House will continue moving forward with the GOP agenda of scaling back regulations they say hinder job growth… Obama said today that voters don’t have the “luxury” of waiting until the next elections, 14 months from now, for solutions. “The notion there are folks who would say we’re not going to [support these economic initiatives] because it’s not convenient for our politics… that’s exactly what folks are tired of,” he said. “It’s not OK in a time of great urgency and need across the country.”