President Obama unveiled the American Jobs Act before a Joint Session of Congress on September 8.
The President said, “Let's get to work, and show the world once again why the United States of America remains the greatest nation on earth."
The proposal includes tax cuts for small businesses, an extension of and a "deeper" cut of the employee payroll tax cut, it would extend it to employers.
There's also targeted spending for school construction, roads, bridges and job training.
President Obama said, “It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services. You should pass this jobs plan right away."
The total price tag is about $450 billion.
President Obama said, “And everything in this bill will be paid for. Everything."
While House Republicans signaled there was room for agreement, it's the tax hikes on wealthier Americans included in the proposal the G.O.P will likely oppose.
Orrin Hatch, Chairman of the Senate Finance Committee, said, “I think it is more of the same spend now pay for it later."
Senator John Barrasso, a republican from Wyoming, said “What's the cost gonna be, how are we gonna pay for it - none of those things are clear."Representative Eric Cantor, a republican from Virginia, said, “A lot of the spending language sounded like the kind of language we heard in the stimulus pitch few years ago."