President Obama says his approach to boosting jobs is a balanced plan that would reduce the deficit by making additional spending cuts, adjustments to health care programs and reforming the tax code.

Mr. Obama said, the Bill would give the typical working family a $1500 tax cut next year and lead to new jobs for Americans including construction workers and teachers.

Republicans have opposed raising taxes on the wealthiest Americans, but Mr. Obama said the nation needs a tax code in which everybody pays their fair share. He also called for eliminating loopholes and deductions in the corporate tax code. President Obama said his administration will take steps to improve U.S. competitiveness, including speeding up payments to small business owners and helping more people refinance their mortgages.