Obama asks $450B to lift economy, mostly tax cuts

Posted: Updated:

(AP) - Confronting an economy in peril, PresidentBarack Obama unveiled a larger-than-expected $450 billion planThursday night to boost jobs and put cash in the pockets ofdispirited Americans, urging Republican skeptics to embrace anapproach heavy on the tax cuts they traditionally love. Withmillions of voters watching and skeptical of Washington, Obamarepeatedly challenged Congress to act swiftly.

The newest and boldest element of Obama's plan would slash theSocial Security payroll tax both for tens of millions of workersand for employers, too. For individuals, that tax has been shavedfrom 6.2 percent to 4.2 percent for this year but is to go back upagain without action by Congress. Obama wants to keep it and deepenthe cut to 3.1 percent for workers.

"This plan is the right thing to do right now," Obama saidafter a divided body rose in warm unison to greet him. "You shouldpass it. And I intend to take that message to every corner of thiscountry."

In his televised address to Congress, Obama sought to provide ajolt for the economy, still staggering on his watch, and for hisown standing at one of the lowest marks of his presidency. He putforth a jobs plan that he hopes can get bipartisan support and spurhiring in a nation where 14 million people remain out of work andthe jobless rate is stuck at 9.1 percent. Public confidence in hisstewardship of the economy is eroding.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."