Obama Proposes $447B Jobs Bill

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U.S. President Barack Obama, flanked by Vice President Joe Biden (L) and Speaker of the House John Boehner (R) addresses a Joint Session of Congress at the U.S. Capitol September 8, 2011 in Washington, DC. Obama addressed both houses of the U.S. legislature to highlight his plan to create jobs for millions of out of work Americans on September 8, 2011 in Washington, DC.

Repeatedly demanding that the two parties work together, President Obama unveiled a $447 billion package to Congress and the American people Thursday night, calling it “nothing controversial,” and saying it is the “kind of proposal that’s supported by both Democrats and Republicans.” The bill includes a $4,000 tax credit for companies hiring new employees, and it cuts payroll taxes in half for working Americans and small businesses. At the center of Obama's American Jobs Act is an extension and expansion of the payroll tax cut, new spending on schools and public works projects, and an overhaul of unemployment insurance. The bill also charges Congress with coming up with an additional $1.5 trillion in savings by the end of the year—expanding the $1 trillion debt-ceiling compromise from earlier this year.