President Obama DNC Speech Live
The 2012 Democratic National Convention is a gathering, held from September 4 to 6, 2012, in Charlotte, North Carolina in which delegates of the Democratic Party choose the party's nominees for President and Vice President in the 2012 United States national election.
Democratic National Convention 2012. 2012 Democratic National Convention. DNC 2012. 2012 DNC. Watch Democratic National Convention 2012. Watch 2012 Democratic National Convention. Obama Biden 2012. 2012 Democratic Convention. Watch K TV
Obama speech to offer $300 billion jobs plan
WASHINGTON — President Obama is expected to propose $300 billion in tax cuts and federal spending Thursday night to get Americans working again. Republicans offered Tuesday to compromise with him on jobs, but assailed his plans in advance of his prime-time speech.
People familiar with the White House deliberations said two of the biggest proposed measures for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together, those two would total about $170 billion.
The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could change.
The White House is also considering a tax credit for businesses that hire the unemployed. That could cost about $30 billion.
Obama also wants public-works projects, such as school construction. Advocates of that plan have called for spending $50 billion, but the White House proposal is expected to be smaller.
Obama also is expected to continue for one year a tax break for businesses that allows them to deduct the full value of new equipment. He and Congress negotiated that provision into law for 2011 last December.
Obama has said he will propose long-term, deficit-reduction measures to cover the upfront costs of his jobs plan, but White House spokesman Jay Carney said Obama would not lay out a wholesale plan to cut the deficit in his speech.
In a letter to Obama on Tuesday, House Speaker John Boehner and Majority Leader Eric Cantor outlined possible areas for compromise on jobs.
Separately, Senate Majority Leader Harry Reid said last month's unemployment report — which showed a persistent 9.1 percent jobless rate and no net gain of jobs — "should be a wake-up call to every member of Congress."
Senate Republican leader Mitch McConnell predicted Obama's speech to Congress on jobs legislation would include "more of the same failed approach that's only made things worse over the past few years."
The Senate returned to Capitol Hill on Tuesday after an August recess. The House comes back Wednesday.
There was maneuvering on another front during the day.
Democrats won approval in a Senate subcommittee for legislation adding $6 billion in spending to pay victims of Hurricane Irene and past disasters dating to Hurricane Katrina, including $4 billion for the 2012 budget year.
Republicans did not object, even though the legislation did not include other cuts to offset the cost and the new spending would exceed levels permitted in a sweeping compromise passed last month to cut future deficits by nearly $1 trillion over a decade.
In comments in recent weeks, Cantor has said any increase must be offset.
It is unclear when the measure will come to the Senate floor, and whether Republicans will attempt to offset the increase when it does.
President Obama visit Ground Zero
Osama Bin Laden is Dead
The President’s Framework focuses on four key pillars:
Budget Cuts. The President’s approach builds on the compromise reached last week and will save us $770 billion over twelve years.
Security Spending. Working with Secretary of Defense Gates and Chairman of the Joint Chiefs of Staff Admiral Mullen we will find $400 billion in defense savings by 2023 while ensuring that our troops have the resources they need to protect our national security.
Health Care Costs. The President’s approach to reforming Medicare and Medicaid keeps our commitments to seniors, people with disabilities, and children while reducing health care spending. By 2023, these reforms will help us save $480 billion and an additional $1 trillion in the decade after that.
Tax Reform. The President’s approach would eliminate the Bush tax cuts and limit itemized deductions for the wealthiest 2% of Americans – reducing the deficit by $320 billion over ten years. The President is also calling on Congress to reform the individual tax code so that the amount of taxes you pay isn’t determined by what kind of accountant you can afford. FACT SHEET
An Agreement on the Federal Budget
USVI Delegate to Congress Donna Christensen (wearing a Sky blue jacket on the left side of photo)
President Obama delivers the State of the Union Address