(CBS News) — On Wednesday, CBS News learned that the president’s jobs and growth package now could top $400 billion. That’s a big number, and CBS News correspondent Norah O’Donnell reports that the size of this plan has grown over recent days.
Advisors claim this plan will have bipartisan appeal and will be paid for with additional deficit reduction. President Obama’s plan will combine new tax cuts and spending measures.
Also included in the plan is an extension of the payroll-tax cuts set to expire. That’s worth $1,000 per household. Its estimated cost is $120 billion dollars.
The president would like to add new payroll tax cuts for employers, for small businesses.
Extending unemployment benefits is also a top priority, at a cost of $50 billion dollars. Sources say the president will propose a plan where employers can try out workers receiving unemployment for free.
There will also be new infrastructure spending in Obama’s plan to rebuild schools, roads and bridges will cost over $100 billion.
Finally, state and local governments would receive billions to hire more teachers and first responders. That, along with new small business tax cuts could cost another $100 billion dollars.