Obama to propose $300 billion
President Obama is expected to propose $300 billion in tax cuts and spending to stimulate job growth on Thursday night in front of Congress. The plan will likely focus on a one-year extension of a payroll tax cut for workers and a widening deadline for jobless benefits, MSNBC reports, though the plan is still being polished and could change. The White House is also anticipated to pitch public work projects like construction of new schools, calling for as much as $50 billion in spending and tax breaks for companies that hire the unemployed, which could cost around $30 billion. On Tuesday, House Speaker John Boehner wrote a letter to the president outlining potential compromises on the jobs legislation. Meanwhile, a bipartisan committee will begin the daunting task of making $1.2 trillion in deficit cuts over the next decade.