Obama to Unveil New Jobs, Debt Strategy

U.S. President Barack Obama will make a major speech next month laying out new ideas for creating jobs and a debt-reduction plan that surpasses the deficit-cutting goal of the new "super committee" in Congress, the Associated Press reported on Wednesday.

The president said on Monday that he would put forward an economic growth plan to address jobs and the deficit when Congress returns from its summer recess.

Quoting a single, unnamed senior administration source, AP said Obama will present the plan in a speech soon after the Sept. 5 Labor Day holiday.

The source told AP the plan would contain new proposals, not simply a rehash of ideas Obama has been promoting.

It would also pay for itself through debt reduction and exceed the $1.2 trillion in savings sought by the bipartisan super committee set up in Congress by this month's debt-ceiling compromise.

AP said there have been no final decisions on what the package would contain.

The White House has been scrambling to come up with new ideas to boost the economy, and specifically to create jobs, the No. 1 issue for Americans. Up to now, Obama has been criticized for repeating proposals that have begun to sound stale, including payroll tax cuts and extending unemployment benefits.