Obama to propose $300 billion jobs package

The president's plan centers on tax cuts, infrastructure spending, and direct aid to state and local governments, reports Bloomberg's Al Hunt. The $300 billion would be paid for by raising tax revenue in later years, part of a long-term deficit reduction package that includes spending and entitlement cuts as well as revenue increases. He'll present the proposal on Thursday night.

Much of Obama's plan may have trouble passing the U.S. House, where leaders of the Republican majority have signaled opposition to new spending that would add to the federal budget deficit. House Speaker John Boehner of Ohio and Majority Leader Eric Cantor of Virginia released a letter to Obama today saying their objections to the "large, deficit-financed, government spending bill" passed in 2009 to stimulate the economy has been validated by continued high unemployment.