President Obama is planning to propose a jobs program on Thursday that could entail at least $300 billion in tax cuts, local government aid, and spending on infrastructure such as roads and schools as he aims to restore public confidence in his ability to boost the economy.Now this morning, the tab is up to $400 billion.
Obama, whose approval ratings are at record lows, will present his proposals before a joint session of Congress at 7 p.m. in an address that could mark a critical moment in his presidency. His renewed focus on employment comes as the economic recovery has essentially stalled, with a discouraging government report last week showing that job creation came to a halt in August.
On Thursday evening, President Obama will command the attention of the full Congress and the nation in an address on the economy. The president aims to spur Congress into action and show voters once and for all that he has a plan to stimulate growth and spur job creation.Expect this to be up to a cool half trillion by the time his campaign speech kicks off tonight.
But with 14 months before the 2012 election, a combative Congress to work with and stubbornly high unemployment, there's skepticism as to what the president can do to create jobs - or to save his own.
Mr. Obama's plan could cost more than $400 billion. The White House hasn't officially released many specifics ahead of the president's speech, but White House Press Secretary Jay Carney on Wednesday made clear the administration expects Congress to agree to at least some of his proposals, and to get results.
Supposedly he wants money for roads, infrastructure, etc. Which makes one wonder where all that money went the past couple of years. Was it just for signage telling us about the so-called Recovery Act?
Whatever the case, as soon as he's done whining tonight he's just going to point fingers at Republicans. It's all he's got left.