Jobs Plan Revealed
President Obama reveals how he plans to pay for his jobs program.
President Obama hits the road today to sell his jobs plan, and now we know how he wants to pay for it.
Starting in Ohio today, Republican John Boehner's home state, President Obama is expected to reiterate what he said Monday about his 447 billion dollar jobs bill, "It is fully paid for. It's not going to add a dime to the deficit."
The President’s proposal says this can be accomplished mostly by limiting charitable contributions on people who make over $200,000, closing loopholes for big oil companies, and other tax changes that affect the wealthy.
Republicans are already speaking out against tax increases. They've asked the Congressional Budget Office to determine if the numbers add up.
Republican candidates at last night's debate questioned whether Obama’s plan - half the size of his stimulus - will work, "I can do the math on that one: Half of zero jobs is going to be zero jobs,” said Presidential Candidate Gov. Rick Perry (R-TX).
Congressman Ron Paul (R-TX) suggested that the President might not need to pay for the payroll tax cut, "When you give people their money back, it's their money. You don't have to pay for it.”
What still appears to be up in the air is how many jobs would be created by the proposed program. The White House has been reluctant to say, but President Obama did, "This package, it's estimated, would help the economy grow by as much as an additional two percent. That could mean an additional two million jobs."
The Democratic Party is getting behind the President's plan. They're airing TV ads to promote the plan in key swing and early voting states.
Tracie Potts, NBC News.