Obama Proposes New Stimulus

President Obama called on his nations legislators to put aside their differences and quickly pass a $447 billion jobs plan he proposed Thursday night.

The president addressed Congress and asked them to put aside political gain for the good of the country.

In his speech Obama asked congress to increase the $1.5 trillion deficit reduction goal to include the jobs package. He also said he would propose his own deficit reduction package at a later date that would reform social programs like Medicare and close tax loopholes. In other words, he continued to strive for the debt management compromise he failed to achieve in August.

Republican response was mixed with some showing signs of compromise and others criticizing what they saw as doing more of the same.

House speaker John Boehner expressed a desire for compromise and said “it is my hope we can work together to end the uncertainty facing families and small businesses.”

Other Republican senators were not so optimistic though. One said “I believe President Obama’s new stimulus will continue to inflict harm on many Americans.”

The plan includes many benefits for lower and working class Americans. Obama proposed cutting the payroll tax from 6.2% to 4.2% for the first $100 000 employees earn.

He also proposed extending unemployment benefits which he says will be immediately pumped back in to the economy when struggling Americans spend. The plan also includes $60 billion for infrastructure, a key job creator, to do things like build bridges, repair roads and refurbish schools.

Finally the plan suggested state aid for teachers and first aid responders as well as tax incentives to businesses who hire military veterans.

Obama criticized those who think that deep spending cuts are the only option saying that the notion we can dismantle government is not what the American people want.

He ended his speech saying “it’s time for us to meet our responsibilities.”