The White House said on Monday that it would cover most of the cost of his payroll tax cut and other job initiatives by limiting the deductions that can be claimed on the tax returns of wealthier taxpayers. Hit the jump to read the rest of the story.
@WiL

President Obama, repeating what is clearly going to be the mantra for his stump speeches this fall, called on lawmakers Monday to “pass this bill” — his $447 billion jobs package.

At the White House, his budget director described how the administration would propose to pay for the plan, as the president has promised to do.

Jack Lew, the director of the White House Office of Management and Budget, said the bulk of the plan –- $400 billion over 10 years — would be raised by limiting the itemized deductions, such as those for charitable contributions and other expenditures, that may be taken by individuals making more than $200,000 a year and families making over $250,000 a year. The rest would come from provisions affecting oil and gas companies, hedge funds, and the owners of corporate jets.

Mr. Lew said that the Congressional panel charged with finding at least $1.2 trillion in savings this fall as part of the agreement to raise the debt ceiling will have the option of accepting the payment proposals submitted by Mr. Obama, or proposing new ones of their own.

Republicans were quick to signal their continuing opposition to the tax increases that Mr. Lew described, which have been suggested by the administration before.

Brendan Buck, spokesman for House Speaker John A. Boehner of Ohio, said the White House plan was not showing a “bipartisan spirit.”

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