WASHINGTON (AP) -- Under the plan, the government would provide a $5,600 tax credit to employers who hire unemployed veterans. It also would provide a $9,600 credit to employers who hire workers with a service-related disability. The plan would apply to those veterans who have been looking for work for more than six months.
Obama is also proposing a $4,000 tax credit for businesses that hire people who have been searching for work for more than six months.
He wants to pay for his new $450 billion jobs plan with a mixture of tax increases, spending cuts and trims to Medicare and Medicaid. He says he'll release specifics a week from Monday along with a proposal to stabilize the country's long-term debt.
The president told Congress Thursday night that he will ask a congressional supercommittee that's already charged with cutting $1.5 trillion from the deficit to find additional savings to pay for his new plan.
At the same time, he says he'll target Medicare and Medicaid -- even though Democrats oppose such cuts -- and attempt to make the wealthy pay more in taxes -- something the GOP has blocked in the past.
The president says he wants to eliminate loopholes for oil companies and tax breaks for millionaires and billionaires and use that money to give tax breaks to small-business owners and put teachers back to work.