Obama to discuss $300 billion economic plan in Thursday’s speech
President Barack Obama is set to give a speech to the nation on Thursday, and several Democratic sources have said that he will discuss a new plan to inject $300 billion in order to stabilize the struggling economy, according to CNN. Additionally, sources say that the plan will be centered on targeted tax cuts as well as new infrastructure.
The price tag projected by the sources is said to cover the cost of implementing short-term jobs measures, which will hopefully in turn stimulate the economy.
Not surprisingly, both sides of Congress are preemptively weighing in on the impending speech. Washington is deeply divided, and the economy has been a polarizing issue, leading several Republicans to already dismiss the plan before it is officially announced.
Steve Bell, senior director of the bipartisan Economic Policy Project, told the news source that the plan doesn't reach as broadly as it should. He argues that Obama should aim for a $640 billion plan that would create a 12-month payroll tax holiday for employers and their workers.
Republican leaders have said they will not be giving a rebuttal to the President's speech, a move which House Minority Leader Nancy Pelosi scorned.
"The Republicans' refusal to respond to the president's proposal on jobs is not only disrespectful to him, but to the American people," she said, according to Fox News. She added that their refusal to respond to the president shows that they have a "lack of commitment" when it comes to creating jobs.
So far, three GOP members of Congress have said that they will not come to the President's address. One Republican senator, Jim DeMint of South Carolina, told Fox he won't be in attendance because he's "sick and tired of speeches."