President Obama presented the American Jobs Act of 2011 on September 8^th and sent it to Congress on September 12^th. Want to know what it's all about? Here’s the rundown.

How does it help…

• the unemployed? It makes it illegal for employers to discriminate against unemployed job applicants because of their unemployed status, and would extend unemployment benefits, among other provisions.

• employers? It cuts the payroll tax in half for 98 percent of companies. It also gives a $4,000 bonus to employers who hire the long-term unemployed.

• veterans? It creates a “Returning Heroes” tax credit to employers who hire vets, and calls for a “reverse boot camp” to train soldiers for civilian life.

• schools? $30 billion is earmarked in the act to improve infrastructure and facilities at elementary and secondary schools and community colleges.

• my state? The White House let's you choose your state to see the impact (under “See the Facts”).

What will the bill cost?

• Most estimates put the cost at $447 billion.

How will the bill be paid for?

• It modifies itemized deductions for families earning more than $250,000, and taxes profits called “carried interest” as ordinary income.

• It closes some tax loopholes and reforms preferential treatment for certain sectors, like oil and coal.

Will it help?

• It would boost gross domestic product and reduce unemployment in the short term, according to some economists.

• Critics say the American Jobs Act is mostly a replay of the 2009 stimulus.

Does it have a chance of passing?

• Short answer: Not intact.

• House Republicans circulated a memo laying out which parts of the president’s plan they'll fight.

• Some Democrats have also been critical of the bill, and suggested voting for each part of the bill separately.