Obama announces new plan to support economy, job creation

08:45, September 09, 2010      

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U.S. President Barack Obama announced a set of initiatives on Wednesday in a bid to speed up the economic recovery and help business spur hiring.

Obama outlined an array of program including permanent extension of research and development tax credits for businesses and infrastructure investments, when giving a speech in Cleveland, Ohio.

Obama on Monday announced a new plan to renew and expand the nation's roads, railways and runways in an effort to jump-start the sluggish economy and to help create job with November's elections for control of Congress approaching and pressure from recession-weary voters mounting.

"Under the tax plan passed by the last administration, taxes are scheduled to go up substantially next year. I believe we ought to make the tax cuts for the middle class permanent," Obama said, adding that the middle-class families are more likely to spend on basic necessities, that would strengthen the economy as a whole.

"We are ready, this week, to give tax cuts to every American making 250,000 U.S. dollars or less. For any annual income over this amount, the tax rates would go back to what they were under President Clinton," he added.

He admitted that reducing the deficit won't be easy in the United States and making up for the 8 million jobs caused by the economic recession "won't happen overnight."

U.S. unemployment rate rose to 9.6 percent in August, reflecting business reluctance to hire amid uncertain economic prospects, reported by the U.S. Labor Department.

Source: Xinhua

(Editor:张茜)

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