[Iran Press TV] President Barack B.O.Obama was expected to propose about $300 billion in tax cuts and government spending on Thursday as part of his major jobs speech to a joint session of Congress, media reports said.
The president would introduce more than $300 billion into the economy through tax cuts, aid to state and local governments and spending on infrastructure, Bloomberg reported.
Former Massachusetts Gov. Mitt Romney unveiled on Tuesday a plan to create jobs and grow the economy that he would propose if he were elected president. His plan came two days ahead of Obama's expected joint speech to Congress.
Obama's plan also would offset short-term costs by asking Congress to raise revenue in a deficit-cutting proposal that Obama would propose next week, according to Bloomberg.
The amount in the Obama jobs package would be offset by other cuts, Democratic sources said, according to CNN.
Romney said he would target job growth of 4% a year for the four-year presidential term, and projected to add 11 million jobs for Americans during that span.
He said he would eliminate taxes on interest, dividends and capital gains in order to help the middle class save money. The Street
FACTS & FIGURES
The official jobless rate in the United States is over 9 percent. Econpost
In fact, when unemployment is measured according to the formula that was used when President Bill Clinton took office, it is actually around 20%. Free Republic
More than half of the total benefit from the tax cuts in 2010 alone will accrue solely to the richest 5 percent of Americans while the middle 20 percent of Americans will reap only 7 percent of the benefit. American Progress
Some economists say extending the tax cuts for the wealthy will cost about $80 billion by the end of 2012. American Progress