Obama lays out $447B economic plan

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WASHINGTON (AP) -- President Barack Obama is proposing an ambitious, $447 billion jobs plan to Congress whose key feature is a sizable 2012 payroll tax cut for workers and employers. The package represents Obama's response to stubbornly high unemployment and a weak economic recovery.

The president is unveiling his plan to a joint session of Congress.

In its size, the plan matches the top annual spending of the stimulus bill that Congress approved in 2009. That $825 billion plan was spent over three years. Most of the new package would be spent in 2012.

Obama's proposal calls for cutting payroll taxes form the current 4.2 percent to 3.1 percent for workers, and from 6.2 percent to 3.1 percent for businesses. Businesses also would get an additional payroll tax holiday for new hires.