Last week, I mentioned that the President's jobs plan included a lot of promises, but few details about how they would be paid for or accomplished. On Monday, after a photo-op in the Rose Garden, the White House sent Congress a draft text of the new $447 billion stimulus. Next Monday, we're told to expect the second half of the plan -- a financial blueprint to pay for the new round of spending. As it turns out, most of these short-term spending measures would be funded with permanent tax increases. Another round of stimulus spending won't create an environment for long-term job growth, which is so sorely needed -- especially here in Illinois where unemployment jumped to 9.9% in August. You can read the full text of the President's plan by clicking here.
Shortly after new details began to emerge about the job-killing tax increases proposed to pay for the bill, even many Democrats began to express reservations. Rather than see the new stimulus die, it appears that Senate leaders will put off any votes on the floor long enough for the President to take his bill on the road for a series of rallies. In the meantime, a growing group of lawmakers are considering a strategy that would allow pieces of the proposal to move forward as separate legislation.