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Obama to Package Stimulus With Cuts

President will seek billions to boost jobs while offering suggestions for spending cuts.

By Mike Dorning, Julianna Goldman, Bloomberg | Updated on August 18, 2011

President Barack Obama is seeking to revive a version of the so-called grand bargain with congressional Republicans that would combine long-term U.S. deficit reduction through entitlement benefit cuts and tax increases with immediate steps to boost job growth.

Obama plans to press Congress for billions of dollars in fresh spending to reduce unemployment as he also pursues a compromise on long-term deficit cuts. He will begin by laying out his ideas in a speech shortly after the U.S. Labor Day holiday, which is Sept. 5.

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