Obama Pushing Jobs Plan, But Republicans Hold Firm In Opposition
Savings Accounts and Money Market Rates provided by 24 October 2011
President Barack Obama continues to push forward his plan to support job creation in the U.S., despite recent setbacks in Congress.
The Associated Press reports that President Obama introduced the third facet of his plan on Friday, October 21, proposing to spend nearly $70 billion on investments in infrastructure, including the creation of a bank designed to support infrastructure development projects.
The bill is intended to help repair crumbling bridges and roadways as well as invest in upgrades to airports and railways, including the development of high-speed rails.
The New York Times reports that Obama’s plan has proven largely unsuccessful so far, with congressional Republicans voting down two proposed measures in the past two weeks: a bill to prevent the layoff of public workers around the country and a bill to implement a new tax on incomes of more than $1 million.
President Obama called out Republicans for their efforts to block his plan, insisting that attempts at negotiation have fallen flat. Republicans, meanwhile, insist that the federal government cannot afford the kind of spending the president has called for.
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