President Barack Obama will unveil $1 billion in new spending and tax breaks to bolster the economy on Monday, and he will announce $500 billion in spending to rebuild America’s roads and bridges, and a $1-trillion boost to the military, the White House said.
Obama plans to announce a series of other tax breaks, including $1,200 per family for single people making less than $125,000 a year, and $300 for every family making $150,000 or more.
“I’m thrilled that we have the momentum to build a more inclusive economy, a more sustainable economy, one where the next generation can get ahead and not have to worry about getting into the middle class,” Obama said in a statement.
Obama also will unveil plans for $1 million to help struggling homeowners refinance their homes and for $100 million to encourage businesses to hire and invest more Americans.
Obama will also make an announcement about $1billion in emergency spending and $1trillion in other emergency spending to bolster public schools and create jobs, the statement said.
“The first $1bn in emergency funds will go directly to our schools,” Obama will say.
“As I have said before, our schools are not the answer.
They are not a cure-all for our economic woes.
We can’t solve our challenges by borrowing more money from other countries.
We need to invest in our own children and young people.”
The announcement will come as Obama tries to turn around the economy and to get the country back on track after a recession that was blamed on the policies of Republican President Donald Trump.
He is looking to the private sector, which is hurting badly from the financial crisis.
“This president is going to tell you that our recovery is on the front lines,” Obama told reporters Monday.
“We need to put in place a plan to rebuild our economy, to put the private sectors back on the path to recovery.”
Obama’s announcement comes after his administration announced on Monday that the unemployment rate would be 5.1 percent, down from 5.4 percent the previous day, the lowest in more than three years.
The rate was 5.9 percent on the first day of the year in March and 5.7 percent in February.
The president also announced a $2.5 trillion investment in infrastructure and job creation, $500 million to rebuild public schools, $100 billion for health care and $100billion for veterans, the administration said.
The economy is expected to grow by 0.2 percent in 2017.
Obama and Republican lawmakers have been pushing to spend more on infrastructure and public schools as they try to return the economy to a more normal state.
The administration has been spending millions of dollars a day on infrastructure, including the first major infrastructure plan since the economic crisis hit, to help with road repairs and schools.