Entries in Jobs Plan (3)


Republican Alternative: Senate GOP Releases Jobs Plan

Brendan Hoffman/Getty Images(WASHINGTON) -- Throughout the debate over the jobs bill the White House has consistently asked to see the Republicans’ plan for jobs instead of just criticizing the president’s plan. On Thursday, President Obama echoed this sentiment at a press conference, asking if the Republicans had a jobs plan of their own.
Senate Republicans released a jobs package of their own in response, as an alternate plan to the president’s.
“We just thought it was time to put this all in a package and I will freely admit to you part of it is in response to the president saying we don’t have a proposal,” Sen. John McCain, R-AZ., said Thursday.
Unveiled at a press conference Thursday with more than a dozen Senators, Republicans claimed they have the support of “all but a handful” of Republicans, including Senate Minority Leader Mitch McConnell, R-Ky.
The plan is called the “Jobs Through Growth Act,” which Republicans claim will create more than five million jobs. It has dramatic differences with President Obama’s “American Jobs Act” --  so drastic that it doesn’t seem to include even one of President Obama’s proposals.
The plan calls for a balanced budget amendment of the Constitution, a repeal of Obama’s health care law and financial overhaul, a complete moratorium on new regulations, and medical malpractice reform among numerous other reforms.

“President Obama and my friends on the other side of the aisle in the Senate believe that they can create jobs through government spending,” McCain said by way of comparison. “We believe that we can create jobs through growth. They believe that government and spending creates jobs. We believe that business and growth creates jobs.”
Republicans say there has been no outreach by the White House in terms of creating a jobs bill.
“There’s been ‘pass it now’ out there on the campaign trail and that obviously is not an outreach,” McCain said.
Republicans believe that there are numerous components of their bill that Democrats will find attractive: tax reform, regulatory reform, repatriation of $1.4 trillion in foreign earnings trapped overseas in countries where U.S.-based multinational companies do business and withholding tax relief.
Sen. McConnell, was not at the press conference Thursday but intends to co-sponsor the bill. He issued a paper statement in support.
In response, Sen. Charles Schumer, D-N.Y., called the plan a “political fig leaf that would likely add to the deficit while doing nothing to create jobs.”

Copyright 2011 ABC News Radio


Obama to Wrap Up West Coast Trip Pitching Jobs Plan in Denver

SAUL LOEB/AFP/Getty Images(LOS ANGELES) -- President Obama wakes up in Los Angeles Tuesday morning and will spend the final day of his three-day western swing in Denver.

Obama will continue to promote his $447 billion jobs bill at Abraham Lincoln High School, where he will focus on investments to modernize the nation’s schools.

The president will claim, “The American Jobs Act proposes a $25 billion investment in school infrastructure that will modernize at least 35,000 public schools -- investments that will create jobs while improving classrooms and upgrading our schools to meet 21st century needs,” according to the White House.

While the president carried Colorado by 9 percentage points in 2008, his support in the swing state -- as in other swing states nationwide -- is waning.  Tuesday marks Obama’s first visit during the 2012 campaign season to the once-predictably red state; his last visit to Colorado was in February 2010.

Obama will return to the White House later Tuesday evening.

Copyright 2011 ABC News Radio


$200K Per Job? Tim Geithner Says White House Jobs Plan Still a Bargain

ABC News(WASHINGTON) -- Treasury Secretary Timothy Geithner didn't dispute a Harvard economist's estimate that each job in the White House's jobs plan would cost $200,000, but said the pricetag is the wrong way to measure the bill's worth.

And he also pointed out in an interview Monday with ABC News that there is no other option on the table for getting the economy moving and putting more people back to work.

"You've got to think about the costs of the alternatives," Geithner said when asked about Harvard economist Martin Feldstein's calculation that each job created by President Obama's American Jobs Act would cost taxpayers about $200,000.

"If government does nothing, it does nothing now because they're scared by politics or they want to debate what's perfect, then there will be fewer Americans back to work, the economy will be weaker," he said.

"We can borrow money for 10 years as the government of the United States because people have confidence in this country at less than two percent," he said. "The responsible path now is to take advantage of the unique position we're in as a country. People have a lot of confidence in us. Let's take advantage of that now to do things that help growth in the short-term."

Geithner told ABC News he believes there is a "very good chance" the Jobs Act will pass because the proposals have seen bipartisan support in the past and the cost of inaction is far too high.

At the same time Geithner is trying to help spur the U.S. economy, he is pushing European leaders to act quickly in the face of a looming crisis.

After a generation of high government spending, Greece is on the brink of bankruptcy and, if it collapses, it could take down other European economies and leave American banks with $41 billion in losses.

In the last week, the average American's 401(k) has lost $7,000 because of Europe's instability.

"It hurts people very directly and very quickly when stock prices fall and the value of their pensions fall," Geithner said. "[Greece] borrowed a lot and they spent too much....[I]t's going to take them years and years to dig their way out of that....I think they have time. But not very much time."

Even in the face of a stagnant economy at home, Geithner said there are signs that things are turning around.

"If you talk to companies around the country like I do, you'll see that something -- something very promising is starting to happen right now," he said. "Companies are starting to re-look at where they produce, American companies, companies that moved things to Mexico and China decades and years ago are starting to rethink it.

"With all our challenges as a country, most companies that have the opportunity to produce or to compete around the world, they'll still say it's better to be in a company headquartered in America and we still have the strongest fundamentals," he said.

Copyright 2011 ABC News Radio

ABC News Radio