Obama Unveils $447 Billion Jobs Plan to Congress

President Barack Obama proposed a $447 billion jobs package on Thursday to help boost the U.S. economy, challenging Congress to pass legislation made up largely of tax cuts for workers and businesses.

"It will provide a jolt to an economy that has stalled and give companies confidence that if they invest and hire there will be customers for their products and services. You should pass this jobs plan right away," Obama said.

Obama, whose 2012 re-election depends on his ability to bring down the 9.1 percent unemployment rate, proposed extending unemployment insurance at a cost of $49 billion, modernizing schools for $30 billion and investing in transportation infrastructure projects for $50 billion.

But the bulk of his proposal was made up of $240 billion in tax relief by cutting payroll taxes for employees in half next year and trimming employer payroll taxes as well.

The $447 billion is more than the $300 billion initially expected.

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