Key points of Obama's jobs plan

WASHINGTON: Here are key points of President Barack Obama's new $447 billion plan to generate more jobs for Americans and stimulate the economy.

-- Employer payroll tax holidays: cuts in half businesses owners' share of payroll taxes, giving them more incentive to hire. Payroll taxes will be eliminated entirely for new workers. Cost: $65 billion.

-- Employee payroll tax breaks: extends through 2012 a cut in social security and other deductions from workers' paychecks, giving households more money to spend. Cost: $175 billion.

-- Investment incentives: businesses will be allowed to deduct 100 percent of their investments in new plants and equipment in one year. Cost: $5 billion.

-- Hiring soldiers and others: businesses will get tax credits for hiring unemployed military veterans, important as forces in Iraq and Afghanistan are drawn down, and for hiring the long-term unemployed. Cost: at least $8 billion.

-- Protecting public sector jobs: cash-pinched local authorities will get $35 billion to rehire or avoid laying off teachers, police and firefighters.

-- Infrastructure investment: a $50 billion effort to modernize transport infrastructure, and $10 billion for new public-private National Infrastructure Bank to fund long-term projects. Another $30 billion is for improving schools, and $15 billion for rehabilitating vacant and foreclosed homes and businesses.

-- Unemployment benefits: extending dole payments for millions of jobless, while allowing them to take part-time jobs and go through retraining programs. Cost: $49 billion. A path ways back to work fund. Cost: $5 billion.

Copyright AFP (Agence France-Presse), 2011