Obama's Jobs Council Calls for Tax Reform, Domestic Drilling

President Barack Obama's jobs council called on Tuesday for a corporate tax overhaul, expanded domestic drilling and new regulatory reforms, a set of proposals unlikely to provide a quick fix for high unemployment or gain much traction in an election year. A panel of business leaders advising Obama - whose re-election chances could hinge on whether he can boost the fragile U.S. economy - offered its latest job-creation prescriptions at a meeting with him at the White House. Obama's Council on Jobs and Competitiveness has generated dozens of ideas, many of them modest in scope, since it was created last February. The president has acted on many of them through his use of executive powers, but some of the larger recommendations have lagged and the overall benefits remain uncertain. "This has not been a show council. This has been a work council," Obama said as the meeting got under way. "It will pay off in terms of solidifying this recovery and allow us to move forward in a way where it actually translates into jobs." Continue reading this article

.