Obama open to 'incremental steps' on job growth

A recent CNN article highlights the ongoing struggle in Washingtion right now, over what is the best way to reduce unemployment in the United States. This morning President Obama sat down with a bipartisan group of lawmakers, to discuss the possibility of breaking down the log jam in Washington and working together in the future on a jobs bill.

In the article , the President noted that he is confident "we should be able to come together" on a job-creation measure.

To boil things down, here are some of the proposals being debated in Washington right now:

1) President Obama would like to give 30 billion in TARP money to banks to boost small buisness lending as well as providing firms with a 5,000 dollar tax credit for each addition to their payroll.

2) A bill promoted by Charles Schumer (D - NY) and Orrin Hatch (R - Utah) would reward employers who hire a worker who has been unemployed for at least 60 days. They would be relivied of the social security payroll tax for that employee for the rest of 2010. Employers who keep that worker for more then a year would receive a 1,000 dollar tax credit in 2011.

3) A 85 billion dollar measure being considered in the Senate that would do three things a) extend a tax credit to employers who hire b) increase spending on infrastructure and c) extend unemployment benefits. Though unrelated to job creation, it is worth noting that this bill includes provisions to reauthorize the PATRIOT ACT. The wording for this provision can be found here, on page 125 section 645.

There are a lot of ideas being thrown around right now, and a lot of partisan divide. For the most part, Republicans would rather see more tax cuts, especially for small businesses, while Democrats support increased spending on infrastructure to promote job growth.

Stay tuned for our upcoming video, in which we will examine the most effective methods of jump starting job growth.