Obama unveils $447b new job plan

Updated: 2011-09-09 08:05


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WASHINGTON - US President Barack Obama launched his widely expected new job plan Thursday night at a joint session of the Congress to stimulate recovery and strengthen the country's struggling employment situation.

The efforts to create jobs is "urgent" and the Congress should pass the job plan immediately, Obama said.

The 447-billion-dollar plan, which is called the American Jobs Act, is the third major stimulus package. It would increase and extend a payroll tax cut for workers that goes to Social Security, while providing tax cut to employers.

US economy, grew at only 0.7 percent in the first half year, is expected to remain on a sluggish growing track in the near term. However, unemployment which currently stands at 9.1 percent, is widely projected to keep at a high level through the presidential election year in 2012.