The White House will propose to pay for its jobs plan with a series of tax hikes worth an estimated $467 billion, White House budget chief Jack Lew said Monday.
The tax increases have already been advocated by the Obama Administration, and rejected by Republicans, as recently as earlier this summer as part of the debt deal debate.
The biggest tax hike would limit itemized deductions on wealthy Americans.
The plan would also scrap tax breaks for hedge-fund managers, owners of corporate jets, and oil and gas companies.
Lew said the bipartisan "super-committee" could decide to pay for the job plan in some other fashion.
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WASHINGTON (MarketWatch) — President Barack Obama’s job-creation plans are getting a partial embrace from Capitol Hill Republicans, even as the GOP rejects more stimulus spending and insists it won’t accept tax increases to help pay for Obama’s proposals.
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“There are a number of areas that we can actually work on together,” House Majority Leader Eric Cantor said Monday.
Cantor, the No. 2 House Republican, listed tax relief to small businesses, passing trade bills, and cutting regulations as items of common ground with Obama and Democrats.
Agreeing on how to pay for those proposals may be tough, however. The White House hasn’t yet said how it’s going to pay for the package but Republicans say that they won’t accept increasing taxes.
“I sure hope that the president is not suggesting that we pay for his proposals with a massive tax increase at the end of 2012 on job creators that we’re actually counting on to reduce unemployment,” Cantor told reporters Monday.
Obama is due to send a $450 billion jobs bill to Congress on Monday after promoting it in an address to lawmakers last week. It includes tax cuts for workers and small businesses; would extend emergency unemployment insurance and also boost spending for infrastructure projects like road and bridge repair. Speaking on Monday in the White House’s Rose Garden, Obama said only politics would derail the package.
“The next election is 14 months away and the American people don’t have the luxury of waiting 14 months for Congress to take action,” Obama said.
In an interview with NBC, Obama called his plan insurance against a double-dip recession.
Congress is likely to take up the bill piece by piece instead of all at once. That approach is almost certain to leave parts of it on the cutting-room floor as lawmakers dissect it. Republicans, Cantor said, won’t accept another round of stimulus spending on roads and bridges.
“I don’t believe that our members are going to be interested in pursuing that; I certainly am not,” Cantor said. “We don’t want to increase spending that doesn’t work,” he said.
Washington, 12 sep (EFECOM).- El presidente de EE.UU., Barack Obama, afirmó hoy que los líderes en Europa tendrán que "tomar una decisión acerca de cómo conjuntar la integración monetaria con un conjunto más efectivo de políticas fiscales coordinadas".
En una mesa redonda con un reducido grupo de medios de habla hispana, entre ellos Efe, el presidente estadounidense abordó la actual crisis de la deuda y señaló que la solución a largo plazo llegará "si los mercados tienen confianza en que los países con superávit en Europa están dispuestos a respaldar a sus socios en la eurozona". EFECOM
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