Obama: Pass This Jobs Bill

President Obama unveiled a $447 billion jobs proposal Thursday night, repeatedly calling on Congress to work together and “pass this jobs bill.” The centerpiece of the bill is an extension of the payroll tax cut, valued at $240 billion, that would cut in half the tax paid by employees through 2012 and reduce taxes for small businesses. The bill also includes $140 billion for modernizing schools and improving infrastructure, and a tax holiday for businesses hiring new employees. Majority Leader Eric Cantor told reporters that he was open to peeling off several parts of the bill and passing them separately, including trade bills and small- business relief. The Republican presidential candidates all came out against the plan, with Rick Perry warning that you can't “spend your way to prosperity” and Michele Bachmann taking umbrage at Obama's comparing Congress to a circus.