Obama proposes tax hikes to pay for jobs bill

Posted: September 13, 2011 in Economics, US News
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Stephen Collinson
September 13, 2011

US President Barack Obama signaled he would pay for his $447 billion dollar jobs plan by raising taxes on the rich and energy corporations and demanded that Congress pass it right away.

The president, seeking to reset his under-pressure presidency and slice away at 9.1 percent unemployment, sent the bill to lawmakers and warned Republicans on Monday not to slow it down with “political games” at a time of great national urgency.

But Obama, by deciding to finance the bill by ending tax breaks for oil and gas firms and individuals earning over $200,000, set up a new showdown with his political foes — who have already rejected such methods in the past.

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