President Barack Obama is in Las Vegas today for a few hours to attend a fundraiser and to roll out another portion of his American Jobs Act, that republicans refuse to pass.
President Obama presented his $447 Billion American Jobs Act in a speech before a joint session of congress and the American people a few weeks back, where he told the American people that he will travel all over our country to press republicans too “pass this jobs Bill”.
President Obama has been pushing the American Jobs Act, just as he said he would, traveling everywhere he could in the United States to talk directly to the American people. And Republicans have been saying no at every turn, just as they have in the past on every other jobs creation legislation to come their way.
Republicans have turned their back on the President, the American people and the American Jobs Act, so Obama is trying a different tactic, he's breaking down the American Jobs Act into sections, so Republicans could vote on the parts they like.
Earlier this month the first section he pushed from the American Jobs Act, was the section that would allow cities and States to hire more teachers, firefighters, policemen and first responders. Republicans in the Senate last week all voted no.
Today, President Obama rolls out the Mortgage section in the American Jobs Act, to help those who may face foreclosures on their homes. Obama had addressed this problem with his Recovery Act, but it didn’t go far enough, so a few things have changed on who can qualify for refinancing.
Previously only homeowners owing no more than 125 percent of their property's value could qualify for the program. Now, homeowners can take advantage of refinancing no matter how far the value of their homes have fallen, as long as they are current on their mortgages.
And there is no better State to roll this out then Nevada, which has the highest foreclosure rates in the nation.
You can watch his speech by clicking here. The speech is scheduled to start at 2:30 pm PST.