As the White house works to finalize a new jobs initiative for next week, President Obama is nominating a new member to his economic team that will be charged with carrying out the plan. Yesterday, in the rose garden, the President announced Alan Krueger as his choice to replace Austan Goolsbee as the chairman of the council of economic advisors. Krueger is a Princeton University professor and labor expert who has worked with the Obama administration in the past. The President said, "In the first 2 years of this administration, as we were dealing with a complex financial crisis, a crisis that threatened a 2nd financial depression Alan's counsel at Treasury dept proved invaluable - so I am very pleased to appoint Alan and I look forward to working with him."
The White House has not released a date for the President's upcoming jobs speech but Republicans are already offering a contrasting plan. In a memo to his Republican colleagues, House Majority leader Eric Cantor laid out the GOP's agenda for the Fall. According to Cantor, the priorities are repealing "job destroying regulations" and "tax relief" for small businesses and federal, state and local governments. It comes as Republicans on the so-called deficit reduction super committee return to Washington to hold their 1st meeting following August recess. The full 12-person bipartisan committee, charged with finding at least $1.2 trillion in savings over 10 years, is required to hold their 1st joint meeting by September 16th.