Remember President Obama's $300 billion jobs package, the one critics complained wasn't going to dent the unemployment rate? Well, it may have a bigger price tag than previously reported. Today, a Democratic source familiar with the package tells CNN the working figure is growing and could surpass $400 billion, a rumor previously reported by CBS News. The legislation will be called the American Jobs Act and it will be in Congress's hand by next week with details on how it will be paid for, White House press secretary Jay Carney told CNN. According to a Democrat with inside information, "The plan would be paid for partly by closing corporate loopholes and raising taxes on the wealthiest Americans in the future":
The measure could include $120 billion to extend the current payroll tax cut, according to the source familiar with the plan. The cut, which cost $112 billion so far, allows employees to pay 4.2% instead of 6.2% on their first $106,800 of wages into Social Security.
Still, other Democrats tell CNN and CBS that the bill's price tag may still hit the $300 billion mark. Regardless, the GOP is already pooh-poohing it. "The definition of insanity, Albert Einstein once famously put it, is to do the same thing over and over again and expect a different result," Senator Mitch McConnell said on the Senate floor. "Frankly I can't think of a better description of anyone who thinks the solution to the problem is another stimulus. The first stimulus didn't do it. Why would another?" Looks like it's going to be a long fight.