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The $447 billion jobs plan Obama proposed last September would have cut the payroll tax for workers in half, reduced taxes for small businesses, expanded infrastructure spending on roads, bridges and school refurbishing, and provided assistance to state and local governments to avoid layoffs of teachers, police officers and firefighters.
Congress extended an expiring 2 percentage-point payroll tax cut, though not the full 3.1 percentage-point cut Obama had requested.
Most of the rest of the provisions were blocked by congressional Republicans.
Had the entire package been passed, 1.9 million new jobs would have been created by the end of 2012, estimated Mark Zandi, chief economist of Moody’s Analytics Inc.
Another forecasting firm, Macroeconomic Advisers, projected the full package would have created 1.3 million jobs.
http://www.businessweek.com/news/20...th-republicans-over-roadmap-to-create-jobs#p2