The proposed jobs plan features both tax cuts, including an expansion of a cut in payroll taxes, and new spending in areas such as public work to reinvigorate the economy. President Obama said the proposal would be financed by deepening cuts in long-term spending, which would be chosen by the debt reduction Congressional committee, according to a New York Times report.
President Obama did not specifically outline how much he would increase spending cuts but plans to submit a proposal for the increased cuts to the debt reduction committee next week.
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