GOP senators unveil a jobs bill in response to Obama

President Obama today charged that Republicans don't have any ideas for job creation that match up to his own. Hours later, Senate Republicans unveiled a bill comprised of several of their major goals -- such as repealing Mr. Obama's health care overhaul and lowering the corporate tax rate -- that they say is their rebuttal to the president.

Introducing the "Jobs for Growth Act" today, Sen. John McCain, R-Ariz., said the legislation "will serve as a blueprint to bring our country back economically, create jobs and give Americans hope again for the future."

Democrats, he said, "believe they can create jobs through government spending. We believe we can create jobs through growth."

Along with repealing the president's health care laws, the "Jobs for Growth Act" would also repeal the Dodd Frank Act, the president's Wall Street reforms. It also includes a balanced budget constitutional amendment, and a moratorium on new regulations until the unemployment rate is lowered. It reduces the top corporate tax rate from 35 percent to 25 percent and would reduce individual income tax rates to a maximum of 25 percent with two marginal rates, among other things.

"Part of it is in response to the president saying we don't have a proposal," McCain said. "We've got lots of proposals -- and we've had lots of proposals. We've put them together now [in a bill], and that's our plan."

Sen. Lindsey Graham of South Carolina called the bill a "welcome breakthrough" for the Republican party. "We have to be for something," he said.

"I'm no longer interested in taking votes that shape 2012 election," Graham said. "I'm interested in taking votes that create jobs in 2011."

Sen. Rand Paul of Kentucky added, "You can't create jobs by just creating infrastructure," a move he said amounted to "putting band aids" on the problem.

Sen. Rob Portman of Ohio also said the president's measures amounted to "short-term sweeteners" while Republicans were offering long-term solutions like tax code reform.

On Wednesday, Vice President Joe Biden addressed the critique that the administration's jobs proposals would only be temporary.

"Temporary is important," he said. "Temporary is a lifetime for somebody without a job, somebody losing their house."