By Brai Odion-Esene

WASHINGTON (MNI) – President Barack Obama Monday announced he is
sending legislation to Congress aimed at tackling the nation’s jobs
crisis, and urged lawmakers to pass the bill quickly.

“This is a bill that will put people back to work all across the
country, this is the bill that will help our economy in a moment of
national crisis,” Obama said in a statement from the Rose Garden.

“You have a world economy that is full of uncertainty right now,”
he noted. “Some events may be beyond our control, but this is something
we can control,” he continued. “This is a bit of uncertainty that we
could avoid.”

Flanked by teachers, first responders and construction workers that
will be among the major beneficiaries of the American Jobs Act, Obama
reiterated the legislation contains ideas from both political parties
and that it should be passed without the need for political
grandstanding.

“I’m sending this bill to Congress today, and they ought to pass it
immediately,” Obama said, declaring confidently that the bill “will make
a difference” to the economy.

The $447 billion jobs package contains $70 billion for tax cuts to
help small businesses hire and grow. Of that amount, $140 billion will
go to infrastructure projects, $62 billion to help the long-term
unemployed find work, and $175 billion to expand the payroll tax cut
passed last year to cut workers payroll taxes in half in 2012.

“If Congress does not act, just about every family in America will
pay more taxes next year,” Obama warned, calling it “a self inflicted
wound” that the U.S. economy cannot afford right now.

Obama again made clear that the bill is fully paid for and will not
add to the nation’s debt burden.

In addition, the president said he will lay out his plan next week
“not only to pay for this jobs bill but also to bring down the deficit
further.”

“It’s a plan that says everybody, including the wealthiest
Americans and biggest corporations, have to pay their fair share,” he
added.

** Market News International Washington Bureau: 202-371-2121 **

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