google.com, pub-6952411034055902, DIRECT, f08c47fec0942fa0 The Chronicle, U.S.A.: How will the American Jobs Act be financed?

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Friday, September 9, 2011

How will the American Jobs Act be financed?


The president said Thursday during his address to Congress that savings from the July 2011 debt ceiling negotiations will go toward financing the American Jobs Act. Watch the video below.
The American Jobs Act will not add to the deficit.  It will be paid for.  And here’s how. 
"The agreement we passed in July will cut government spending by about $1 trillion over the next 10 years.  It also charges this Congress to come up with an additional $1.5 trillion in savings by Christmas.  Tonight, I am asking you to increase that amount so that it covers the full cost of the American Jobs Act.  And a week from Monday, I’ll be releasing a more ambitious deficit plan -- a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run."

"This approach is basically the one I’ve been advocating for months.  In addition to the trillion dollars of spending cuts I’ve already signed into law, it’s a balanced plan that would reduce the deficit by making additional spending cuts, by making modest adjustments to health care programs like Medicare and Medicaid and by reforming our tax code in a way that asks the wealthiest Americans and biggest corporations to pay their fair share.   What’s more, the spending cuts wouldn’t happen so abruptly that they’d be a drag on our economy, or prevent us from helping small businesses and middle-class families get back on their feet right away."

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