President wants action on veterans' tax credits

President Obama has called on Congress to start moving on his proposals to spur veterans' hiring as soon as lawmakers return to Washington next month.

The president, in a speech before the American Legion's national convention in Minneapolis, continued to talk up a pair of proposed tax credits for companies that hire unemployed veterans.

"When Congress returns from recess, this needs to be at the top of the agenda," Obama said. "For the sake of our veterans, for the sake of our economy, we need these veterans working and contributing and creating the new jobs and industries that will keep America competitive in the 21st century."

The speech comes as both the president and top GOP lawmakers have discussed tax measures they say would give a jolt to the economy. The White House is pushing for, among other things, an extension of a current payroll tax holiday, while Rep. Eric Cantor (R-Va.), the House majority leader, said in a memo released Monday that Republicans in his chamber would push for a 20 percent deduction for small businesses.

The president's ideas for veterans would give companies a credit of up to $4,800 for hiring a veteran who has been out of work for six months, and up to $9,600 for a disabled veteran who has been jobless for that same time span.

Economists have said those proposals, while obviously well-intentioned, would not make a serious dent in the country's jobs problem — at least, not on their own.

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