Obama lines up $300bn drive to create jobs

PRESIDENT Barack Obama, facing waning confidence among Americans in his economic stewardship, is planing some $300 billion (€213bn) in tax cuts and government spending as part of a job-creating package.

The price tag of the proposed package, to be announced by Obama in a nationally televised speech to Congress today, would be offset by other cuts that the president would outline, media outlets said, citing Democratic sources.

Bloomberg News said the plan would inject more than $300bn into the economy next year through tax cuts, spending on infrastructure, and aid to state and local governments.