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.

The administration is aware that it will need congressional support to pass new spending measures, said the official, who requested anonymity because the details of the speech haven't been released. Final decisions on what will be included in the speech haven't been made.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.