The fate of the American Jobs Act now rests in the hands of Congress. President Obama revealed details of his long-awaited jobs plan today during a speech in the Rose Garden.
The president wants high-income earners, corporate jet owners, hedge fund managers and oil companies to pay more in taxes to help foot the cost of the $447 billion piece of legislation. The proposal aims to create millions of jobs through employee payroll tax cuts, extending unemployment benefits and increasing infrastructure spending.
Warren Buffett’s all for raising taxes on the über wealthy, like himself. Back in the debt-ceiling negotiations, while I’m sure you’re trying to mentally block out that period of gridlock like the rest of us, you might recall Republicans balked when Obama proposed this idea during talks.
Today, House Speaker John Boehner said he would like the CBO to score this proposed bill first.
In his speech to Congress last week, Obama urged Congress to pass the 155-page bill 17 times (we counted). Today, he dialed it back a tad, only urging lawmakers to pass the bill 12 times in a 10-minute period.
House Majority Leader Eric Cantor said he rejects Obama’s pass-it-ASAP message saying, “On all or nothing, I think the country and this town have had a little bit of enough of that.”
The DNC released an ad to promote the newly revealed jobs plan as well as a new website to help promote the American Jobs Act. Obama will also hit the road to advertise his bill and urge voters to contact their lawmaker.