Report: Obama to propose $300B jobs plan

In his speech Thursday before Congress on improving the nation's dismal jobs outlook, President Barack Obama will propose injecting more than $300 billion into the economy next year, Bloomberg News reports.

That figure will be reached through a combination of tax cuts, infrastructure spending and direct aid to state and local governments, Bloomberg claims.

The sticking point to this plan will likely be the fact that Obama is going to call for offsetting the cost of the plan by raising tax revenues in later years - an idea that Republicans have come out so steadfastly against, it has derailed political progress in Washington more than once recently.

Obama is going to fold this plan in with a long-term deficit reduction package that he will present next week to the congressional panel set up during the recent debt ceiling negotiations, Bloomberg reports.

Obama's proposal faces a tough fight against an emboldened GOP, fresh off a victory over concessions in the debt ceiling negotiations. Obama also faces a skeptical public, as his approval ratings have hit yet another record low.