On Thursday Barack Obama urged Congress to “pass this bill right now.”
Congress won’t get the $447 billion stimulus bill until tomorrow.
President Barack Obama will send to Congress tomorrow a legislative proposal to enact a $447 billion package of tax cuts and spending aimed at boosting hiring, according to an administration official.
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Obama is planning an announcement in the White House Rose Garden tomorrow at which he’ll again urge quick passage of the proposal and will send the legislation to lawmakers in the evening, the official said, speaking on condition of anonymity because the schedule hasn’t been officially released.
The package, which the president outlined Sept. 8, is heavily geared toward tax cuts, which account for more than half the dollar value of the plan. The rest would provide money for improving infrastructure, modernizing schools and aid for states to keep teachers and emergency workers on the job.
The centerpiece of the plan is cutting the payroll tax, which covers the first $106,800 in earnings and is evenly split between employers and employees. Obama would reduce the portion paid by workers next year to 3.1 percent from 4.2 percent now. The rate was cut 2 percentage points under the terms of a tax deal reached last year. That cut is set to expire Dec. 31, which would push it back to 6.2 percent.
Job growth stalled last month and the unemployment rate has hovered at or above 9 percent for more than two years.