Obama unveils $447 bn new job plan

WASHINGTON, USA: US President Barack Obama launched his widely expected new job plan Thursday night at a joint session of the Congress to stimulate recovery and strengthen the country's struggling employment situation, Xinhua reported.

"Tonight we meet at an urgent time for our country," Obama said to the legislators. "We continue to face an economic crisis that has left millions of our neighbours jobless, and a political crisis that has made things worse."

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The president called on the Congress to stop "political circus" and pass the job plan immediately.

"The question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy," Obama said.

The $447-billion plan, which is called the American Jobs Act, is the third major stimulus package.

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"It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for the long- term unemployed," he said.

"It will provide a tax break for companies who hire new workers, and it will cut payroll taxes in half for every working American and every small business," he noted, urging legislators "You should pass this jobs plan right away."

The US economy, which grew at only 0.7 percent in the first half year, is expected to remain on a sluggish growing track in the near term.

However, unemployment which currently stands at 9.1 percent, is widely projected to stay at a high level through the presidential election year in 2012.