President Obama is planning next week to reveal a detailed plan to pay for his new $447 billion jobs bill and then will follow up the next week with a second, much broader deficit reduction proposal for the Super Committee on Capitol Hill to consider, according to top aides.
Aides are promising that all told the two proposals will provide at least $2 trillion in deficit savings, the most sweeping and specific blueprint for debt reduction on paper that Mr. Obama has ever provided during his presidency.
The administration is couching the plan as a deficit reduction package of $1.947 Trillion “or more,” which could counteract any charges that Mr. Obama is planning to tap into the Super Committee cuts to pay for his jobs bill.
“While we have a different vision in terms of what is needed to boost private-sector job creation in our country, we believe your ideas merit consideration by the Congress, and believe the American people expect them to be given such consideration,” Boehner and Cantor wrote in a letter to the president on Friday.
The Republican leaders, who have previously sharply criticized the president for not being more specific about budget cuts, added, “We look forward to receiving legislative text for any of your ideas in a manner that can be scored by the nonpartisan Congressional Budget Office, and to the upcoming speech you described last night in which you will detail the offsets that will be needed to ensure your proposals are paid for.”