Obama To Propose Jobs Plan, Spending Cuts, Tax Changes In September
President Obama will suggest more than the $1.5 trillion in savings in the debt deal, and (ahem) revenue enhancement.
Still, Republicans, intent on making Obama a one-term president, repeated opposition on Wednesday to new taxes and criticized the suggestion of new economic stimulus spending.
“Quit borrowing. Quit spending. Quit trying to raise taxes,” said Senate Republican Leader Mitch McConnell.
The president will get pushback from liberals, too on his proposals to reform entitlements.
After the Labor Day holiday, the president will also lay out a long-term deficit-reduction package that is based on the $4 trillion “grand bargain” he tried to broker with Boehner to avert default on U.S. debt, administration officials said.
That agreement would have imposed roughly $3 trillion in spending cuts — including curbs on social programs such as Medicare, the health insurance program for the elderly — and $1 trillion in revenue increases, mostly through tax reform.
Here are some specifics:
The president is thinking about proposing tax cuts for companies that hire workers, new spending for roads and construction, and other measures that would target the long-term unemployed, according to administration officials and other people familiar with the matter. Some ideas, such as providing mortgage relief for struggling homeowners, could come through executive action.Click here for reuse options!
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