|President Barack Obama|
NEW YORK ( TheStreet) -- President Barack Obama was expected to propose about $300 billion in tax cuts and government spending on Thursday as part of his major jobs speech to a joint session of Congress, media reports said. The president would introduce more than $300 billion into the economy through tax cuts, aid to state and local governments and spending on infrastructure, Bloomberg reported.
Former Massachusetts Gov. Mitt Romney unveiled on Tuesday a plan to create jobs and grow the economy that he would propose if he were elected president. His plan came two days ahead of Obama's expected joint speech to Congress. Obama's plan also would offset short-term costs by asking Congress to raise revenue in a deficit-cutting proposal that Obama would propose next week, according to Bloomberg. The amount in the Obama jobs package would be offset by other cuts, Democratic sources said, according to CNN. "Every day, he can do what he can and focus on the things that we can do, working with Congress or independently as the administration," White House Press Secretary Jay Carney told reporters on Tuesday. "Obviously the work does not get done in one day or one night." Romney said he would target job growth of 4% a year for the four-year presidential term, and projected to add 11 million jobs for Americans during that span. "Middle income Americans ought to have the highest income in the world," Romney said. "It should be good to be in the middle class in America, you shouldn't wonder how you're going to meet your bills." Romney said he would eliminate taxes on interest, dividends and capital gains in order to help the middle class save money. "President Obama oversaw an economy that created zero jobs last month and that is unacceptable," Romney said after last week's jobs report. "In order to change the direction of this country, we need to change presidents." Former Utah Gov. Jon Huntsman, who was Obama's former ambassador to China, also outlined a plan on Aug. 31 for jobs growth, but mostly in the form of an overhauled tax code. Like Romney, Huntsman proposed to eliminate taxes on capital gains and dividends. He planned to eliminate all deductions and credits and create three tax brackets of 8%, 14% and 23%. The governor advocated a "revenue-neutral" tax hike that would reinvest the resultant revenue into the tax code. The expected plan would remove loopholes, deductions and tax expenditures through consolidation. -- Written by Joe Deaux in New York. >To submit a news tip, send an email to: email@example.com