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Obama says 'Pass this jobs bill.' But what's actually in the bill?

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• "Fully paid for." Again, this isn't the thing Obama mentions first, but with those words he pledges that his plans won't add to deficits in the long run. Translation: The higher deficit for 2012 will be offset by fiscal tightening starting in 2013 – namely tax hikes on high-income Americans. More details on the White House plans to tame the national debt are scheduled to be released Monday.

Many critics of the president's plan say the looming tax hike reveals one of the inherent flaws of trying temporary stimulus in a debt-laden economy that needs long-term fixes. Obama's supporters say he's not ignoring the need for long-term fixes (though these are largely outside of the jobs bill), and that most Americans support the idea of higher taxes on the rich.

Tax cuts

• Payroll tax cuts for workers. Obama wants to extend and expand this tax cut, which is set to expire in December. It would put an extra $1,500 in the pockets of the typical household earning $50,000, the White House says. Failing to extend the tax break would, in effect, be a tax hike on most Americans, Obama argues. The overall cost is $175 billion.

• Business tax cuts. Obama would give a partial payroll tax cut to all employers, with the benefits targeted especially toward small businesses, for next year. He also proposes a complete payroll tax holiday for new jobs or wage increases. The overall cost: $65 billion.

• "100 percent expensing." This $5 billion proposal would be a one-year spur for businesses to make investments, by allowing them to quickly deduct the full value of spending on facilities or equipment.

Investments and aid to states

• Aid to states. Obama would devote $35 billion to aid designed to prevent layoffs at schools, police stations, and fire departments where local governments face budget shortfalls.

• Infrastructure spending. The bill includes $50 billion for repairing highways, airports, and urban transit systems. About $4 billion of the money would go toward high-speed rail.

• A National Infrastructure Bank. This $10 billion effort would offer loans – up to no more than half a project's cost – to spur additional investments in transport, water, or energy systems. The money would partner with state or local government and private dollars.

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