Obama would pay for jobs plan with cuts, tax hikes

AP News
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Posted: Sep 08, 2011 7:49 PM
Obama would pay for jobs plan with cuts, tax hikes

President Barack Obama wants to pay for his new $450 billion jobs plan with a mixture of tax increases, spending cuts and trims to Medicare and Medicaid. He says he'll release specifics a week from Monday along with a proposal to stabilize the country's long-term debt.

The president told Congress Thursday night that he will ask a congressional supercommittee that's already charged with cutting $1.5 trillion from the deficit to find additional savings to pay for his new plan.

At the same time, he says he'll target Medicare and Medicaid _ even though Democrats oppose such cuts _ and attempt to make the wealthy pay more in taxes _ something the GOP has blocked in the past.