Obama proposes $447 billion jobs plan intended to stimulate economy

In an attempt to jolt the stagnant American economy back to life, President Barack Obama addressed the nation Thursday night, proposing a $447-billion plan to create jobs and modernize the American economy.

Obama told Congress his new job plan, which he referred to as the American Jobs Act, will help put millions of people back to work rebuilding America.

Also included in the plan are several tax cuts, including a proposal to cut payroll tax in half for the Social Security pension program for workers and employers. Obama also said that Americans should pay their fair share in taxes, saying he wants to eliminate loopholes for oil companies and tax breakers for millionaires and billionaires.

“The question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy,” Obama said.

The money could be used to stimulate the economy and provide tax breaks to small-business owners, according to Obama.

“This plan is the right thing to do right now, you should pass it, and I intend to take that message to every corner of this country,” Obama said.

The plan would put millions of construction workers back to work, according to Obama, who said it is inexcusable to have so many decaying roads and bridges at a time when millions of unemployed workers could be rebuilding them.

The plan would also build a world-class transportation system in the U.S., which Obama said will help create jobs as well as modernize the American economy.

Teachers would also get a boost, as Obama said the plan would repair and modernize tens of thousands of schools while putting teachers back to work. At least $25 billion would be spent on school infrastructure while another $35 billion would be spent to prevent layoffs and spark the hiring of more teachers.

Obama wants to pay for the nearly $450 billion plan with a mixture of tax increases, spending cuts and trims to the Medicare and Medicaid benefit programs. He says he’ll release specifics a week from Monday along with a proposal to stabilize the country’s long-term debt.

The president told Congress that he plans to ask a congressional super-committee, already charged with cutting $1.5 trillion from the deficit, to find additional money to pay for his new plan.

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