1 of 10. President Obama arrives to address a joint session of Congress of the United States in terms of creating jobs on Capitol Hill September 8, 2011.
Credit: Reuters/Kevin LamarqueBy Caren Bohan and Laura MacInnis
WASHINGTON | Fri 09/09/2011 10:45 EST
WASHINGTON (Reuters)-President Barack Obama, seeking to salvage a faltering economy and their own prospects of re-election, began an uphill battle on Friday to win Republican support for a plan of jobs $ $447 billion.
The proposals, weighted toward tax cuts for workers and companies, has been carefully designed to appeal to middle class voters who Gravitate toward the political center.
A day after unveiling their ideas on Capitol Hill, Obama will launch them directly to Americans during a visit to a University of Virginia, sparking a months-long campaign to promote the package across the country.
The White House sees the plane, a mix of tax cuts payroll and expenses to upgrade roads, bridges and school buildings, as the best hope for reducing the unemployment rate of 9.1 percent that threatens Obama's Presidency and addressing what he called a national crisis.
Initial estimates suggested that could raise u.s. growth of 1 to 3 points in 2012, reducing the unemployment rate at least half a percentage point and add well over 1 million jobs. Mark Zandi, Chief Economist at Moody's Analytics and a former advisor to 2008 Republican presidential candidate John McCain said that he could add 1.9 million jobs.
Obama hopes that he can gather enough popular support to pressure Republicans to stay behind the scenes, so that he can get the lowest unemployment before the presidential vote in November 2012.
"The next election is 14 months away," Obama told a rare joint session of Congress on Thursday. "And the people who sent us here — the people who hired him in working for them-they don't have the luxury to wait 14 months".
Financial markets showed little reaction to the speech, due to doubts about whether it could clear a Congress divided. U.S. stock index futures fell slightly early Friday.
YES, CUTS TAX INFRASTRUCTURE NOT
There were initial signs that Republican Congressional leaders may be prepared to find at least some common ground on the plan, despite its opposition to much of Obama's agenda in the past year.
President of the Chamber of representatives, John Boehner said Obama's ideas "deserve consideration." Rep. Eric Cantor, the second ranking Republican in the House whose state Obama will visit on Friday, said the tax cuts payroll were "something that will be a part of discussions" and described "a lot of space to work together".
"I heard a lot in the President's speech last night where there is plenty of room for common use and we can get something done quickly," Singer told CNN on Friday morning.
He said the Republicans were convinced of the need for an infrastructure Bank, another component of the Obama jobs plan, but could accept other aspects, including tax cuts.
Top Democrats said he hoped Republicans, whose top issue is the reduction of the debt and deficit, would be willing to accept the public works programmes and funds for hiring teachers, supplementing the Obama program, along with the help of mortgage refinancing.
"If we by steps, if we take only small parts, frankly I'm not sure that will make it work," Democratic Rep. Steny Hoyer of Maryland, said on CNBC.
FEARS OF RECESSION
Shadowy figures jobs and other recent data have raised fears that the American economy may slip into another recession.
While economic woes has sent the popularity of Obama, falling to new lows, the Republicans are well aware that they could suffer political consequences also if Obama succeeds in painting them as obstructionists in the effort to solve the problem of jobs.
Vice President Joe Biden said on Friday morning that the funds would be to filter jobs plan on the economy in three to six months, after it passes and could help ameliorate that companies have been reluctant to spend their money.
"This is all designed to change the level of confidence and attitude of the people out there," he told NBC.
The Republicans have hammered Obama for months about what they viewed as weak leadership on the economy. And in a gloomy signal for the prospects of re-election of the President, Democrats increasingly have begun to sour on its economic management as well.
The price of US $ $447 billion of work plan unexpectedly large Obama was hailed by the powerful constituencies, as unions whose support needs Obama in his re-election drive.
The package and the resolute tone in the speech of Obama were received by Richard Trumka, President of the influential Federation of Labor AFL-CIO, who sat with first lady Michelle Obama in your box during the speech.
Trumka said later that Obama made clear that he was "willing to go to the mat to create new jobs on a large scale".
(Additional reporting by David Morgan, Doina Chiacu, Patricia Zengerle and Thomas Ferraro; Editing by Anthony Boadle)
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