Obama's jobs plan may top $400 billion

Obama jobs package could top $400 billion
The President's jobs and growth package now could top $400 billion.
CBS News

On Wednesday, CBS News learned that the president's jobs and growth package now could top $400 billion. That's a big number, and CBS News correspondent Norah O'Donnell reports that the size of this plan has grown over recent days.

Advisors claim this plan will have bipartisan appeal and will be paid for with additional deficit reduction. President Obama's plan will combine new tax cuts and spending measures.

Also included in the plan is an extension of the payroll-tax cuts set to expire. That's worth $1,000 per household. Its estimated cost is $120 billion dollars.

The president would like to add new payroll tax cuts for employers, for small businesses.

Oil industry: Want jobs? Start drilling
Obama, Romney jobs plans reveal deep philosophical divide

Extending unemployment benefits is also a top priority, at a cost of $50 billion dollars. Sources say the president will propose a plan where employers can try out workers receiving unemployment for free.

There will also be new infrastructure spending in Obama's plan to rebuild schools, roads and bridges will cost over $100 billion.

Finally, state and local governments would receive billions to hire more teachers and first responders. That, along with new small business tax cuts could cost another $100 billion dollars

The President has not consulted Republicans in Congress, but if they don't pass his bill, he will blame them.

"We're going to see if we've got some straight shooters in Congress. We're going to see if Congressional Republicans will put country before party," Obama said recently.

Expect to hear more of that from the president, Scott. He's going to take his message on the road in a series of speeches that advisors say will be all about his plan versus the Republicans plan to fix the economy.

Can Obama create enough jobs to save his own?

  • norahodonnell60minutesbio.jpg
    Norah O'Donnell On Twitter»

    Norah O'Donnell is the anchor and managing editor of the "CBS Evening News." She also contributes to "60 Minutes."