Here's How They'll Pay for the Jobs

The Republicans won't like this.

Aides revealed for the first time that the plan will include limits on itemized deductions for individuals who earn more than $200,000 a year and families that earn more than $250,000.

Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.

They're closing loopholes. Last night, Newt Gingrich said he's in favor of closing loopholes.