Obama Lays Out Details of His New Stimulus PackageSpeaking in Cleveland, President Barack Obama offered more details of his plan to get the nation's economic recovery back in gear. Facing polling data that shows his Democratic party may lose one or both houses of Congress in November's midterm elections, the president emphasized that his administration understands the pain and hardship that continued high unemployment is causing.

"I don't believe we can have a strong and growing economy without a strong and growing middle class," Obama said during opening remarks Wednesday at the western campus of Cuyahoga Community College in the northeast Ohio suburb of Parma.

Obama laid out the bones of his proposal Monday in Milwaukee earlier this week. Speaking at a Labor Day rally in Wisconsin's largest city, the president's described a six-year plan to dedicate an additional $50 billion to infrastructure spending for roads and bridges; make permanent a $100 billion research-and-development tax credit; and create a $200 billion program to convince American companies to buy more equipment and make other capital improvements in the next two years.

In his Cleveland speech, Obama laid out more specifics about the plan. Obama also repeated his opposition to extending Bush-era tax cuts for the wealthiest Americans, adding to his populist message.

GOP Leader Calls for Spending Freeze, Tax Cut Extension

The stakes are high for Obama -- perhaps in no place more so than Ohio. A crucial swing state, Ohio's unemployment rate, at 10.3% in July, is higher than the national jobless rate of 9.6% recorded in August. By contrast, Wisconsin's July unemployment rate stood at 7.8%, according to the state labor department.

Ohio is also home turf to one of the president's most vocal critics, House Minority Leader John Boehner. In comments Wednesday on ABC's Good Morning America, the ranking Republican offered what he said was a bipartisan approach, including a freeze on government spending at 2008 levels and an extension of the Bush tax cuts for two years.

"The American people are asking the question, 'Where are the jobs?'" said Boehner, likely referencing the stimulus plan Obama signed into law in early 2008 that was expected to keep unemployment from creeping above 8%. The nation's jobless rate has stayed stubbornly near 10% for the last 16 months.

Stimulus Would Be Paid for By Taxing Energy Industry


While Obama's $200 billion plan has brought cheers of support from many of his fellow Democrats, others, including Sen. Mary Landrieu (D-La.) have criticized the method by which the program would be funded -- through taxes on the oil and gas industry. That would unduly affect working families in the Gulf Coast region, said Landrieu spokesman Aaron Saunders.

"Sen. Landrieu fully supports getting America's economy back on track but feels that it should not be done at the expense of the Gulf Coast," Saunders said.

Obama is to follow up his Cleveland speech with a rare White House press conference Friday, as the president continues to make the case that he is focused on getting the economy back on track.

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rsfanatic

Well, otterdad, because you watch msnb see us spread for Obama you don't see all the money that went to state union cronies.

September 08 2010 at 6:14 PM Report abuse rate up rate down Reply
wurkinman1

Lets face it here......Obama wants to stimulate his ego and that is it....and all this happened because...all who voted for him JUST wanted to see history made and see a first black president...NOW once we doubt him...we are racist....la di di la di da

September 08 2010 at 6:02 PM Report abuse rate up rate down Reply
cdsj

So the energy industry will pay this bill with EXTRA TAXES. That means that when we buy anything that was shipped, the price goes up. If we turn on the lights, heat, or air conditioner the price goes up. If we buy anything that is wrapped in plastic or styrafoam the price goes us. If we use any type of transportation the price goes up. Obama thinks we Americans lack the mental ability to see where the dollars for his non-performing stimulus programs come from.... from every American who buys anything, he exacts a tax. How much more government will it take to push us all into bankruptcy?

September 08 2010 at 5:13 PM Report abuse +1 rate up rate down Reply
otterdad48

My guess is that a lot of the FOXbots here do not realize that a large portion of the stimulus was tax cuts. If all they listen to is FOX they would never know that.

September 08 2010 at 5:10 PM Report abuse rate up rate down Reply
lallen

It's time to take control of this situation. If he can't understand what the people are telling him then we need to use our powers of persuasion. We need to take the power away from the Democrats. It is time to replace every Democrat nationwide, house, senate, govenors, everyone who is up for re-election. Especially those in the US House and Senate. The first step to stopping this madness is to take away his power and it starts by dethroning and replacing Pelosi.

September 08 2010 at 5:07 PM Report abuse +3 rate up rate down Reply
Dennis

Which auto industry or bank is he going to funnel the money to this time?? This whole stimulas is a crock of crap~!STOP THE GOVERNMENT SPENDING AND GIVE THE ORDINARY PEOPLE SOME TAX BREAKS SO WE CAN ALL RECOUP! ALSO....stop the Republican..Democrat blame game....its time for the pea brain elephant and the jackasses to bow out to a neutral party....

September 08 2010 at 5:03 PM Report abuse +3 rate up rate down Reply
orrufy

who needs a business tax cut?? not me..my company is losing money this year..no profit no taxes..what good is a tax credit to me..i wish the pres. understood small business...i need a interest free loan for a decent amount of time to repay...or some relief from payroll taxes to help my check book balance!!! r&d tax credit..who needs research..my customers are slow pay for the same reason i am!!! lack of sales!!!!!

September 08 2010 at 4:52 PM Report abuse +1 rate up rate down Reply
1 reply to orrufy's comment
otterdad48

One of the things that conservative economic theorists overlook is the importance of having customers buying products in a healthy economy. What good are tax cuts if one is not making a profit. So the question is making money now? Well the financial sector is doing fine and oil companies are not hurting either. The banks are getting loans from the Fed at almost 0% interest but are not loaning that money to small business. Supply side ideologues always discount the extent to which employed workers contribute to economic growth by just being customers.

September 08 2010 at 5:06 PM Report abuse rate up rate down Reply
mdunnjr

This guy could be responsible for causing the next american Revolution. Has anyone ever experienced such a polarizing individual. In my mind it is all about Socialism--put the American Dream to bed--2012 can't come soon enough.

September 08 2010 at 4:47 PM Report abuse +2 rate up rate down Reply
cutlassv8

Obama should resign for the good of our great country, snd return to Chicago as a community organizer.

September 08 2010 at 4:44 PM Report abuse +2 rate up rate down Reply
patriotequities

Obama's been in office close to two years, when's he gonna live up to the job he belly ached for and stop blaming Bush. Didn't the Dems create the housing mess. Does Barney "Flabby" Frank & Chris"Oh I Have Cancer" Dodd ring a bell. We should all realize Obama whined like a bitch to become president, now I realize it's so he and his family could take a 4 year vacation.

September 08 2010 at 4:42 PM Report abuse +4 rate up rate down Reply
1 reply to patriotequities's comment
gilbert513

Yes Barnie led the charge to create the housing bubble!!

September 08 2010 at 4:43 PM Report abuse +2 rate up rate down Reply