Obama Said to Seek $300 Billion Jobs Package
President Obama has called for a 300 billion dollar stimulus for the U.S. Economy that will be composed primarily of tax cuts, infrastructure spending and subsides to state and local governments. Nearly half of the stimulus would be tax cuts and these would be offset by an increase in tax revenues at a later time period. The plan could face stiff resistance in the U.S. House of Representatives as the 300 billion dollars would require new deficit spending, a measure that many Congressional Republicans are opposed to.