Obama to propose $300B to jump-start jobs

In his prime-time speech Thursday night to a joint session of Congress, President Obama is expected to propose $300 billion in tax cuts and federal spending to boost employment, according to a person familiar with the deliberations.

Of the total, about $170 billion would be from a one-year extension of a payroll tax cut for workers and an extension of expiring job benefits.

A number of other, smaller proposals are also being considered for inclusion in Obama's plan, including public work projects, though at a level less than the $50 billion public works supporters have advocated. The administration is also considering proposing a tax credit for businesses to hire people who are unemployed and an extension of a one-year tax break to give employers the ability to deduct the full value of new equipment.