Last night, President Obama addressed Congress and urged them to pass the American Jobs Act immediately. Here are some of the highlighted proposals:
- Expanding payroll tax cuts worth $240 billion
- $140 billion for repairing roads and bridges, and modernizing schools
- A tax holiday for small businesses hiring new employees
- Extending unemployment benefits worth $49 billion
- $4,000 tax credit for companies that hire workers who have spent more than 6 months looking for a job
With 9.1% unemployment, it’s clear that something that needs to be done. The question is whether these, or any ideas, will get through or if the process will be bogged down in a repeat of the debt ceiling debate zero-sum game brinkmanship.
“The proposals the president outlined tonight merit consideration,” Speaker John A. Boehner said in a statement. “We hope he gives serious consideration to our ideas as well.”
The stock market seemed to vote thumbs down on the jobs act’s prospects, with the S&P 500 declining sharply by Friday midday by 2.5%.