Business, Finance & Economics

Obama says jobs bill "will be paid for"

In his weekly address on Saturday, President Barack Obama continued to press for the passage of his jobs bill.

Politico reports that Obama echoed the stump speech he has been giving around the country in recent days, touting his $447 billion jobs package. The package includes tax cuts, aid to states and infrastructure spending.

“It will create new jobs. It will cut taxes for every worker and small business in the country,” Obama said, according to Politico. “And it will not add to the deficit. It will be paid for.”

On Monday, Obama is expected to announce a new deficit reducing plan, something he hinted at in the address.

“I’ll lay out my plan for how we’ll do that, how we’ll pay for this plan and pay down our debt by following some basic principles: making sure we live within our means and asking everyone to pay their fair share,” Obama said.

Reuters reports that Obama is likely to recommend more taxes for the rich, and some tax breaks for businesses.

According to Reuters, Republican Congressman Peter Roskam offered a counterpoint in his party's weekly address. Roskam argued that regulations are keeping the economy down.

"Washington has become a red tape factory, with more than 4,000 rules in the pipeline — hundreds of which would cost our economy more than $100 million each annually," Roskam said.

On Friday, The New York Times reported a new poll showing Obama's support "eroding among elements of his base." But at the same time, "clear majorities support crucial pieces of his new job-creation program." Despite the enthusiasm for the plan, more than half the poll's respondents said they feared the economy was already in or heading toward a double-dip recession.

Obama's approval rating in the new Times/CBS News poll was 43 percent. His disapproval rating hit 50 percent for the first time ever in a Times/CBS News poll.