President Obama released his jobs-stimulus bill Monday afternoon: a 155-page document that totals $447 billion in new spending and tax cuts, paid for with $467 billion in new tax increases.
The bill was released along with a message from the president to Congress urging fast action.
“To create jobs, I am submitting the American Jobs Act of 2011 — nearly all of which is made up of the kinds of proposals supported by both Republicans and Democrats, and that the Congress should pass right away to get the economy moving now,” Mr. Obama said in his message.
Of the $447 billion total, $194 billion of that is new spending, and the rest is tax cuts or credits.
He pays for the bill entirely through new tax increases, though they are delayed so they don’t take effect until 2013.