Obama's Plan Would Add 1.9M Jobs

    ARLINGTON, VA - AUGUST 04:  Job seekers line up before entering a career fair hosted by National Career Fairs August 4, 2011 in Arlington, Virginia. The Employment Situation report for July, 2011 by the U.S. Bureau of Labor Statistics is scheduled to be released tomorrow.  (Photo by Alex Wong/Getty Images)

    Alex Wong / Getty Images

    Time to start crunching the numbers on President Obama's proposal. Moody's Analytics Chief Economist Mark Zandi says the president's jobs package would likely create 1.9 million payroll jobs and grow the economy by 2 percent. It would also cut the unemployment rate by one percentage point. The $447-billion plan would cut employers' payroll taxes in half for their first $5 million in wages, while eliminating it completely for businesses adding new workers or raising wages. It also calls for infrastructure spending and an extension of unemployment insurance. House Speaker John Boehner said Obama's ideas "merit consideration.”

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