Obama plan uses sleight-of-hand accounting
OBAMA: "Everything in this bill will be paid for. Everything."
THE FACTS: Obama did not spell out exactly how he would pay for the measures contained in his nearly $450 billion American Jobs Act,
White House aides suggested that new deficit spending in the near-term to try to promote job creation would be paid for in the future - the "out years," in legislative jargon - but they did not specify what would be cut or what revenues they would use.
OBAMA: "It will not add to the deficit."
THE FACTS: It's hard to see how the program would not raise the deficit over the next year or two because most of the envisioned spending cuts and tax increases are designed to come later rather than now,
OBAMA: "The American Jobs Act answers the urgent need to create jobs right away."
THE FACTS: Not all of the president's major proposals are likely to yield quick job growth if adopted. One is to set up a national infrastructure bank to raise private capital for roads, rail, bridges, airports and waterways. Even supporters of such a bank doubt it could have much impact on jobs in the next two years because it takes time to set up. The idea is likely to run into opposition from some Republicans who saysuch a bank would give the federal government too much power. They'd rather divide money among existing state infrastructure banks.