Dems Losing Faith in Obama's Economic Plan?

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President Barack Obama is still offering more plans to help the economy, but not everyone thinks he has the right answers. Even some members of Obama's own party are breaking ranks on key issues like tax cuts.

With the economy stuck in the neutral and unemployment hovering just under 10 percent, President Obama said Democrats are trying to steer the country back on track and it will be up to voters to decide who will be in the driver's seat.

"It's still a choice between sliding backward and moving forward," Obama said. "That's what this election is about. That's the choice you'll face in November."

Obama rolled out a new plan to jump start the economy during a speech in Cleveland, Ohio on Wednesday. His plan includes rebuilding America's transportation network, extending and expanding tax credits for research and development for businesses to create new jobs, and providing tax incentives for businesses to invest in new equipment.

He said these steps are needed to build a strong economy and make the country more competitive. But it's unlikely Congress will act before the election this November. It is not just because of Republican opposition, but also comes from opponents within Obama's own party.

The president said that only individuals making up to $200,000, or families making $250,000 should keep their current tax cuts. However, a handful of Democrats -- along with Republicans -- support extending the cuts for all American taxpayers.

Many economists said that's the right thing to do, but it wouldn't make much difference in the shorter term.

"It'll be helpful but not a game changer," said Mark Zandi, chief economist of Moody's Analytics. "It's not going to add up to a lot of jobs, certainly not in the next six to 12 months.

Also across the country, more people are losing faith in the president's ability to handle the economy.

President Obama and congressional Democrats are under heavy pressure to show the public that they are ready and willing to do more to stimulate the economy.

The problem for them is that many Americans -- skeptical about a promise of recovery -- don't want them to increase the debt and spend more money on stimulus programs. Americans have said that money has neither boosted the economy or created more jobs.

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John Jessup

John Jessup

CBN News Anchor

John Jessup serves as the main news anchor for CBN, a position he assumed after 10 years reporting for the network in Washington, D.C. His work in broadcast news has earned him several awards in reporting, producing, and coordinating elections coverage. Follow John on Twitter @JohnCBNNews and "like" him at