Deficit has Obama wary of large program to create jobs

U.S. President Barack Obama is trying to avoid a big-ticket job program favored by some Democrats in Congress. He does not want to drive up the record-high deficit or raise taxes on the middle class. Instead, Obama signaled that he would support modest initiatives targeted at areas of the economy most likely to generate hiring. "There are two engines to our economic message, two ways to generate jobs," White House Chief of Staff Rahm Emanuel said. "One is small business, the other is energy." The U.S. could stimulate hiring in both by expanding tax credits or lending, he said.

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