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Republicans' two-point plan to create jobs: Can it work?

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"Is [the GOP plan] a panacea for what ails the economy? Probably not," says Sean Snaith, who heads the Institute for Economic Competitiveness at the University of Central Florida in Orlando. But "in the sense that this provides a little stability, it could be beneficial."

The stability he's referring to is as much psychological as financial.

"There's a real sense that we're without a rudder right now," Mr. Snaith says. "We're seeing program after program put up [by Washington] ... and really little effect as far as job growth is concerned."

In this view, a key merit of the Republican proposals is that they represent a less-is-more approach to policy after two years of emergency intervention in the economy and record stimulus spending by the government.

But Representative Boehner's plan also has plenty of critics. The House leadership is set to elaborate Thursday on its "governing agenda" should it win in the midterm elections, which may include more detail about a jobs-creation plan. In the meantime, here's a closer look at the arguments for and against the Republican two-point plan.

The case for federal spending cuts

The Boehner plan would bring federal spending back to 2008 levels, excluding national-security expenditures and programs for seniors and veterans, such as Social Security. That means some big one-year cuts (about $100 billion worth, according to House Republicans) in an Obama budget proposal that totals $3.8 trillion in spending for 2011.

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