President Obama’s Stimulus Plan

President Barack Obama on Thursday laid out his $447 billion economic plan before a joint session of Congress, saying that lawmakers should put the interests of the American people before politics.

“There should be nothing controversial about this piece of legislation,” the president said. “Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans — including many who sit here tonight. And everything in this bill will be paid for. Everything,” Obama said.

Obama said he will ask Congress to increase the $1.5 trillion target in deficit reduction being pursued by a special joint congressional committee to cover the cost of the plan and propose his own deficit-reduction plan on September 19 that would reform entitlement programs such as Medicare while changing the tax system to end loopholes, lower the corporate tax rate and increase taxes for the wealthy.

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Pictured:  U.S. President Barack Obama addresses a Joint Session of Congress at the U.S. Capitol September 8, 2011 in Washington, DC. Obama addressed both houses of the U.S. legislature to highlight his plan to create jobs for millions of out of work Americans. (Photo by Kevin Lamarque-Pool/Getty Images)