Obama said the plan — more than half the size of his 2009 economic stimulus measure — would be an insurance policy against a double-dip recession and that continued economic intervention was essential given slower-than-hoped job growth.
Unlike the 2009 legislation, the current plan would be paid for with a 5.6 percent surcharge on income exceeding $1 million. That would be expected to raise about $450 billion over the coming decade.
Leaders of the GOP-controlled House have signaled they support tax cuts for small businesses and changes to jobless insurance to allow states to use unemployment funds for on-the-job training. And they've indicated they'll be willing to accept an extension of cuts to the Social Security payroll tax. But stimulus-style spending is a nonstarter with the tea party-infused chamber.
"Now it's time for both parties to work together and find common ground on removing government barriers to private-sector job growth," House Speaker John Boehner, R-Ohio, said after the vote.