President Obama Unveiled the American Jobs Act
Last night (Thursday evening, September 8, 2011), U.S. President Barack Obama unveiled
a $447 billion package of spending initiatives and tax cuts intended to “provide a
jolt to an economy that has stalled” and increase hiring. The President unveiled the
American Jobs Act. The president urged Congress to pass the plan right away and pass
it now. Obama told a joint session of Congress, “There should be nothing controversial
about this piece of legislation. Everything in the speech proposal may be supported
by both Democrats and Republicans”
The “American Jobs Act” package includes tax cuts for employers and employees, spending
on schools and roads and assistance for the jobless. More than half of the plan consists
of payroll-tax cuts for employees and employers for 2012, which is estimated to cost
$240 billion. In addition, the proposals included a tax credit for hiring veterans
and the long-term unemployed, as well as an extension of unemployment insurance benefits.
Obama said the plan should be paid for by increasing the amount of spending cuts approved
by the Joint Select Committee on Deficit Reduction.
The President is planning to submit the bill to Congress next week. TALX is
optimistic that the American Job Act will offer opportunities to companies looking
to stimulate employment through incentives opportunities. We will continue to keep
you updated as more details arise.
*Update: A video of the President’s address is below.
This weblog is sponsored by TALX.
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