Barack Obama to propose $300 Billion jobs package

Leader Barack Obama, facing waning confidence among Americans in his economic stewardship, plans to construct a $300 billion job-creation package on Thursday, CNN reported, citing Democratic resources.

The proposed new spending, to be announced by Obama in a across the country televised speech to Congress, would be offset by budget cuts, the statement said, signaling that the Democratic president hopes to mollify the concerns associated with Republican fiscal hawks resistant to his jobs ideas.

There was no immediate comment in the White House.

Obama's aides have refused to go public with the estimated cost of Obama's package or provide many specifics ahead of time, except to say that the proposals will have a "quick and positive" impact on boosting jobs at any given time of stubbornly high US unemployment.

Confidence in Obama's management of the economy may be hit by months of bad economic news and several polls on Wednesday showed fresh declines in his job approval ratings.

Obama hopes to start reversing this trend within an address to a joint session of Congress on Thursday, in which he'll try to convince voters that he has a better economic recovery strategy than his Republican opponents.

"We need to do things that will possess a direct impact in the short-term to grow the economy and create jobs and also the president will put forward proposals that will do just that, " Whitened House spokesman Jay Carney said.

Obama fought Republicans all summer to lift the united states debt ceiling in a bitter debate that saw rating agency Standard & Poor's cut the united states AAA credit rating, and he must now get lawmakers to back additional spending that lots of oppose.

However, the president is seeking congressional support at a time when their own prospects of re-election have worsened.

An NBC News/Wall Street Journal poll showed Obama's job approval rating in a low of 44%, while an ABC News/ Washington Post poll found that 6 in 10 Americans now rate the president's job about the economy and jobs negatively.

A third survey by Politico and George Washington University found that 72% of voters believe the nation is either strongly or somewhat headed in the wrong direction, a leap of 12% since last May.

Obama must get unemployment down from levels currently above 9% to enhance his chances of winning a second White House term in the The fall of 2012 election.

The president has already touched on a various steps Congress could decide to try lift growth and hiring, including infrastructure spending, business tax breaks, and extending a payroll tax cut and aid for that long-term unemployed.

Carney declined to lay out any specifics but said the actual measures Obama would recommend would yield a "direct, quick and positive impact" about the US economy if they were enacted by Congress.

Republicans criticized Obama for excluding them in discussions on the package before his big speech and pointed out any jobs bills could face tough passage through Congress, where they control the united states House of Representatives.

"I have no doubt the president will propose a lot of things on Thursday that, when looked at individually, sound pretty good, or that he'll call all of them bipartisan. I'm equally certain that, taken as whole, they'll represent more from the same failed approach, " said the top Senate Republican, Mitch McConnell.

Republican Home leaders separately wrote to Obama urging him to repeal "excessive, job-destroying regulations" and installing possible areas of common ground, including reforms to the unemployment system as well as free trade agreements.