Obama Jobs Plan to Include Tax Cuts, Benefits

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President Barack Obama is still preparing a plan to spur employment. The White House says he will announce the plan after Labor Day.

The president is expected to ask Congress to extend current payroll tax cuts and jobless benefits.

The plan is expected to spend money for new construction projects and offer incentives to businesses to hire more workers.

"Our great challenge as a nation remains how to get this economy growing faster," Obama said Monday. "That's our urgent mission."

However, some economists say the plan would only be enough to maintain the status quo, and would not be enough to lower unemployment.

Economists who advocate for government intervention in the economy estimate that it would take a package of at least $300 billion to avoid backsliding, and even more to give the economy a lift.

Mark Zandi, the chief economist at Moody's Analytics who has advised Republicans and Democrats, said that without government action, the private sector would have to grow by more than 4 percent to generate enough jobs to keep unemployment from rising.

"That seems like a heavy lift at this juncture," he said.

The administration is said to still be debating more elements of the plan.

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