Obama Speech to Focus on Economy

President plans to call for additional stimulus spending in September address.

President Barack Obama plans to give a speech in early September to ask Congress for additional spending to boost the economy, an administration official said. The president also will call for long-term cuts beyond the $1.5 trillion that Congress charged a 12-member bipartisan “super- committee” of lawmakers to trim, the official said.

The dollar amount of the additional long-term deficit reduction measures will exceed the cost of the new short-term spending that he will propose, said the official. His plan will likely have a mix of tax cuts and infrastructure spending and will include proposals beyond the ideas that he has mentioned on his current Midwest bus tour, such as extending a payroll tax cut for workers and unemployment insurance benefits.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.