But unlike the last stimulus package Obama wants to keep a close eye on how it's spent with more money going to struggling consumers and to aid small businesses.
"My commitment is that we are going to fundamentally change some of the practices in using this next phase," said Obama.
Small businesses would get a $3000 tax credit for every job they create, and individuals could expect a tax break of $500 to $1000 after filing taxes.
"The consensus is perhaps it is going to be based on what your income was and if it is within a certain limit you will get the break," said financial advisor, Michelle Price.
So instead of money directly in your pocket, Obama hopes to create jobs by spending hundreds of billions of dollars on infrastructure, education, healthcare, and energy programs.
"We need to put money in the pockets of the American people. We need to create new jobs and invest in our future," said Obama.
One claim is the plan would create three to four million jobs in the next two years, primarily in construction and manufacturing.
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