President Barack Obama's Jobs council called on Tuesday for a corporate tax overhaul, expanded domestic drilling and new regulatory reforms, a set of proposals unlikely to provide a quick fix for high unemployment or gain much traction in an election year.

A panel of business leaders advising Obama - whose re-election chances could hinge on whether he can boost the fragile U.S. economy - offered its latest job-creation prescriptions at a meeting with him at the White House.

Obama's Council on Jobs and Competitiveness has generated dozens of ideas, many of them modest in scope, since it was created last February.

The president has acted on many of them through his use of executive powers, but some of the larger recommendations have lagged and the overall benefits remain uncertain.

"This has not been a show council. This has been a work council," Obama said as the meeting got under way. "It will pay off in terms of solidifying this recovery and allow us to move forward in a way where it actually translates into jobs."

Republicans, who accuse Obama of pursuing "job-killing" policies, made clear they see the presidential panel as "job-creators" echoing their own themes on taxes, energy and regulations. But given the level of dysfunction in Washington, that may not translate into legislative action any time soon.

"With this report, President Obama's own panel of experts has endorsed the approach to job creation House Republicans have been pursuing for more than a year," Republican House Speaker John Boehner said in a statement.

"Investing in our future, building on our strengths, and playing to win - these are mantras we must adopt, along with the specific policies and initiatives that back them up, if we are going to renew our competitiveness," the report states.

"The Jobs Council recommends expanding and expediting the domestic production of fossil fuels - including allowing more access to oil, gas, and coal opportunities on federal lands - while ensuring safe and responsible development of those sites," the report said.

In addition, the report called for a series of reforms to further streamline government rules and reduce the regulatory burden on businesses, which it said would enhance U.S. competitiveness.

Read more: http://www.foxbusiness.com/economy/2012/01/17/obamas-jobs-council-calls-for-tax-reform-domestic-drilling/#ixzz1jlYrvwri

A very nice dose of reality.... time to wake up people...

WASHINGTON – President Obama is kicking off 2012 with an uncomfortable but inevitable request -- for Congress to permit another $1.2 trillion increase in the debt ceiling.

With the U.S. debt at about $15.2 trillion, it is now estimated to be larger than America's entire economic output. The proposed increase would boost the debt celing to $16.4 trillion, which should be enough to allow the government to keep borrowing until the end of 2012, or just after the presidential election.

The request was expected. It was the third and final such request the president was allowed under a deal the White House reached with lawmakers in August to prevent a government default.

But Republicans surely will use the request to criticize the president over his debt and deficit record in an election year.

"Washington's mounting debt is a drag on our economic recovery, and this request is another reminder that the president has consistently punted on the tough choices needed to rein in the deficit and protect important programs for American seniors from going bankrupt," said Brendan Buck, spokesman for House Speaker John Boehner.

House Republicans quickly announced a vote would be set for Wednesday on what's known as a "resolution of disapproval" -- which signals that they don't support the request to raise the debt ceiling.

But such a resolution would not clear the Democratic-led Senate, and the White House says Obama would veto an objection, anyway, in order to avoid default.

Obama originally planned to make this request in December, but with Congress on vacation until mid-January, lawmakers asked the president to delay his request so they could vote on the matter when they returned.

The debt limit is the amount the government can borrow to finance its operations. It has soared because the government has run record deficits over the past decade. In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The deal was reached hours before a potential default on the nation's debt.

Congress agreed to raise the debt limit by $400 billion in August and by another $500 billion in September.

There was a flash of relatively positive news on the spending front Thursday. According to the Treasury Department, the federal deficit was lower in the first quarter of the 2012 budget year than the same period last year. Yet, the imbalance remains high by historical standards and should keep lawmakers debating tax increases and spending cuts through Election Day.

The Associated Press contributed to this report.

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Of course he asks for just enough to get HIM through the election. Then he can hand off the largest debt accumulated in 4 years in history to the Republican that gets in office.

He just doesnt understand how to not spend more than you make. Screw the public...just keep spending. You think he would have realized his logic doesnt work after the 1.3 trillion failed to create any jobs.
~M