The American Jobs Act of 2011, Special Report.

President Obama has challenged Congress to immediately pass the American Jobs Act of 2011 — a $447 billion jobs package, including payroll tax cuts and tax credits to encourage hiring, along with extended 100 percent bonus depreciation, which would be paid for by limiting deductions for higher income taxpayers and changing the taxation of carried interest.

The offsets, however, would not take effect if the Joint Select Committee on Deficit Reduction achieves additional savings. President Obama described his jobs package during a speech to a Joint Session of Congress on September 8 and unveiled the legislative text on September 12.

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