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Obama Announces $447 Billion Employment Plan

2011/9/9 9:02:00 31

US President Barack -

Obama

(Barack Obama) on Thursday announced a total of $447 billion in the employment stimulus package, which includes half the payroll tax paid by workers and small business owners, spending on infrastructure construction, and grants to local governments to avoid cutting teachers.

In a speech to a joint committee in Parliament today, Obama said the employment plan "will cut half of every American worker and every small business's payroll tax".

He pointed out that the stalling of the US economy is a "country".

crisis

"And strongly urged Congress to" pass the employment plan "immediately.

He also pointed out: "the recovery process of the US economy is not driven by the government at the end, but by our enterprises and workers.

But we can help (companies and workers push the process of economic recovery) and make things different.

According to the employment plan, the payroll tax paid by employees in social security projects will be reduced to 3.1%, equivalent to half of the 6.2% tax rate under normal circumstances. This year's tax rate is 4.2%. This tax reduction proposal is the central content of the plan.

The current payroll tax cuts will expire in December, while the White House hopes to expand the plan.

Obama's employment plan also includes a total of $105 billion in infrastructure spending proposals, including school modernization, pportation projects and vacant property reconstruction.

The Obama administration expects the federal government to provide state and local governments with a total amount of $35 billion in direct assistance to prevent local governments from reducing educators and emergency personnel.

Salvation

280 thousand teachers' jobs.

In addition, the employment plan also includes tax cuts for new employees.

Obama said: "this plan will provide a driving force for the stalled American economy and give the company confidence that it will make sure that if they engage in investment activities and hire new employees, there will be customers to buy their products and services."

He added that there should be no dispute over whether or not the bill should be passed, and pointed out that "all items in the bill will be paid".

Obama said the plan will provide more jobs for construction workers, teachers and veterans.

In the past few days, Republican officials in the house of representatives have shown their willingness to support the expanded payroll tax cuts.

The stalemate between the Obama administration and Congress over the federal debt ceiling this summer has caused market discontent. After that, Obama and congressional Republicans are anxious to reverse the situation.

Recent public opinion polls show that the US public's hostility towards the federal government is growing, and Ben Bernanke, the Federal Reserve Chairman, has also said that the disagreement between the government and Congress has damaged the US economy.

Obama said Washington must "stop Political Circus" and take steps to support the US economy.