Cantor rejects 'all-or-nothing' approach by Obama on jobs bill

Since Obama unveiled his $447 billion American Jobs Act a little more than a week ago he has been strongly urging Congress to swiftly take action to move the legislation into law. The White House has insisted that Obama wants to see all aspects of the bill put into law and, although Obama would prefer to pass his plan as one piece of legislation, he would push to pass the plan in individual parts if need be.

The bill is made up of an extension of the payroll tax cut, additional unemployment insurance benefits and infrastructure funding, as well as the creation of a national infrastructure bank. The bill also limits itemized deductions for families that earn more than $250,000 annually to 28 percent and raises taxes on income from investment funds. The bill raises revenue through ending some oil-and-gas drilling subsidies.

While Republicans have voiced some openness to parts of Obama's jobs proposal, they have also reiterated their vow to block any legislation that raises taxes.