Obama gets specific in his jobs bill

Displaying a speed they hope communicates a sense of urgency, the White House on Monday afternoon sent to Congress legislative language designed to implement the jobs program outlined by President Obama only four days ago in his address to the nation. The 155-page bill includes the details of spending and taxes with a specificity rarely produced by a White House that has preferred to sketch in broad outlines while leaving the numbers to Congress.

In his accompanying message to Congress, the president insists that the bill is "fully paid for," adding, "The legislation includes specific offsets to close corporate-tax loopholes and asks the wealthiest Americans to pay their fair share that more than cover the costs of the jobs measures."

The bill includes several tax measures the administration contends would cover the costs of the programs proposed. But the White House, in an analysis and explanation prepared, states that none of these have to be implemented if the special super committee set up by last month's debt deal exceed their $1.5 trillion deficit reduction target by the $447 billion cost of the extra spending called for by the president.

Barring that, the measures outlined by the administration include several measures previously rejected by Congress under both Republican and Democratic control. These include putting a 28 percent cap on deductions and exclusions claimed by taxpayers with adjusted gross incomes above $250,000 for married couples and $200,000 for individual taxpayers. That would take effect Jan. 1, 2013.

Also, the administration wants to close loopholes affecting corporate jets, drilling for gas and oil, depletion on oil and gas wells, and modification of foreign tax credits.

The bill provides a look at the price tags the administration puts on many of the programs spoken of by the president in his address on Thursday to a joint session of Congress. It calls for the appropriation of $5 billion to rehire police, $25 billion to modernize and renovate public schools, $5 billion for community-college modernization, $2 billion for airport-development grants, $1 billion for FAA air-navigation facilities, $27 billion for highway repair and construction, $4 billion for passenger rail, $2 billion of Amtrak repair and upgrade, $6 billion for buses and bus facilities, $5 billion for surface-transportation projects, $3 billion for other transit projects, $15 billion for rehabilitating vacant and foreclosed houses, $7 billion to build and operate a nationwide public-safety broadband network, $4 billion for a program to give jobs to long-term unemployed, and $5 billion for a "Pathways Back to Work" fund.

The bill does not put a price tag on an extension of the current temporary reduction in the payroll tax for employees or on the proposed temporary tax credit for employers.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • The Big Data Campaign Trail

    With everyone so focused on security following recent breaches at federal, state and local government and education institutions, there has been little emphasis on the need for better operations. This report breaks down some of the biggest operational challenges in IT management and provides insight into how agencies and leaders can successfully solve some of the biggest lingering government IT issues.

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download
  • Ongoing Efforts in Veterans Health Care Modernization

    This report discusses the current state of veterans health care

    Download

When you download a report, your information may be shared with the underwriters of that document.