Now the president has explained how big the new stimulus, er . . “jobs,” plan is ($447 billion) and how he’s going to pay for it. The Post reports:
The White House said Congress should pay for the jobs plan by imposing new limits on itemized deductions for individuals who earn more than $200,000 a year and families earning more than $250,000.
Eliminating those deductions would bring in an additional $400 billion in revenue, aides said. The administration also recommended ending subsidies for oil and gas companies and changing the depreciation rules for corporate airplanes.
All together, White House aides said, the tax package would raise $467 billion, more than enough to pay for the new jobs bill. . . . If the [congressional ”supercommittee”] settles on a plan to reduce the deficit by more than $1.5 trillion, the tax hikes would not necessarily be needed any longer, White House officials said.
David Axelrod, messing up the liberal spin squad in the blogosphere, said it really is all or nothing (no “a la carte” as he put it). But Congress ignores Obama all the time. House Majority Leader Rep. Eric Cantor (R-Va.) said yesterday, “I said on Friday and I will say again today, I do not think that the president’s all-or-nothing approach is something that is constructive. We have good ideas and he has some ideas that we think are good. We can bring these together. But let’s not allow the things in his bill that we disagree with to get in the way of producing some results. That is it, plain and simple. For the president to sit here and say, ‘Pass my bill, all or nothing,’ it is just not the way things are done anywhere, much less in Washington.”
So should Congress pull out a couple items (which one) and tell the supercommittee to figure out how to pay for it? Should it ignore the whole thing, which (with the exception of the infrastructure spending) holds no allure for conservatives? Let us know what you’d put in the package (if anything) and how you’d propose paying for it.
I’ll post the best answer tomorrow at noon. Have at it!