The US president Barack Obama on Thursday unveiled a USD 447 billion jobs package which should help boost the country's economy,while also asking the US Congress to pass laws that would enable tax cuts for workers and companies. This was higher than the expected USD 300 billion package and needs to be OKed by the US Congress.

"It will provide a jolt to an economy that has stalled and give companies confidence that if they invest and hire there will be customers for their products and services. You should pass this jobs plan right away," said Obama in his speech in front of the Congress.

The biggest part of this package, some USD 240 billion, is made of cut payroll taxes for employees and lower employer payroll taxes. The US, with a 9.1 percent unemployment rate, also plans to extend the unemployment insurance, which would cost the country USD 49 billion. Some other USD 30 billion should go for modernizing school, while transportation infrastructure projects would need an extra USD 50 billion. These projects would provide jobs for more teachers and construction workers.

This is Obama's second economic stimulus package, after the USD 800 billion one in 2009. As a stimulus measure, companies will get a USD 4,000 tax credit if they hire someone who has been looking for a job for more than six months. An extra tax credit will be received for hiring military veterans.

US also plans to help homeowners refinance their mortgages. "And to help responsible homeowners, we're going to work with Federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent — a step that can put more than USD 2,000 a year in a family's pocket, and give a lift to an economy still burdened by the drop in housing prices," Obama said.

"A week from Monday, I'll be releasing a more ambitious deficit plan — a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run," he said Thursday.

Read Obama's full speech in front of the Congress here. Watch the recording of his speech below.

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(photo source: The White House)