Washington (CNNMoney.com) - As President Obama pushes a new campaign to juice up the economy, he's starting to fill in the details of how he would pay the estimated $180 billion tab. His plan: Eliminate some corporate tax breaks and subsidies, and close loopholes.
"For years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries. I want to change that," Obama said in his speech in Cleveland on Wednesday.
If Congress were to pass new economic recovery measures, it could pay for them by raising some $300 billion in new revenue by closing "tax loopholes," according to White House economist Jason Furman.
With Americans nearly as concerned about rising deficits as they are the lackluster economy, the president and lawmakers recognize that any new policy initiatives must be funded.