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Geithner: Obama jobs plan would quickly add jobs

Geithner: Obama jobs plan would quickly add jobs (by Greg Robb)

WASHINGTON (MarketWatch) - President Barack Obama's $440 billion jobs plan would quickly add jobs to a fragile economy, Treasury Secretary Timothy Geithner said Friday. "If Congress were to act on this bill it would have a substantial powerful effect on strengthening the economy that has slowed quite a bit and that would translate into hundreds of thousands of American workers," Geithner said. Obama unveiled the package in a speech to a joint session of Congress on Thursday night. The plan includes an expanded payroll tax cut for employees and employers, more infrastructure spending, job training and other tax provisions. "The package as a whole is designed to make the economy stronger now and get more Americans back to work," Geithner said in an interview with NPR from France where he is attending the Group of Seven meeting of finance ministers and central bankers. Obama also announced he will push for a broad program to allow more people to refinance their mortgages at low interest rates. Geithner said the Federal House Finance Agency "will support the types of reforms necessary to make that possible. - they are very supportive of moving in this direction." Geithner said he expected the White House to release details of the plan in the next three weeks.