The president is expected to unveil his plan -- focused partly on new infrastructure spending and targeted tax cuts -- during an address to a joint session of Congress Thursday evening.
"I'm going to propose ways to put America back to work that both parties can agree to, because I still believe both parties can work together to solve our problems," Obama said in a Labor Day speech in Detroit.
The plan's prospects in a sharply polarized Congress -- particularly with the 2012 presidential primary season looming -- appear murky at best. Some Republicans have already dismissed it, saying any proposal from the president will amount to little more than a continuation of what they characterize as his failed 2009 stimulus plan.
Rep. Paul Broun, R-Georgia, is not planning on attending Obama's speech, choosing instead to comment on it via Twitter, according to his office.
Steve Bell, senior director of the bipartisan Economic Policy Project, told CNN Wednesday that the proposed scope of the plan is too small.
"It doesn't even sound good," he said, arguing instead for a $640 billion, 12-month payroll tax holiday for employers and employees.
Greater access to credit and more economic predictability is what's important to business owners, said Patty Briguglio, who owns a public relations firm.
"I want leadership that gives me an environment where I can plan for the future," she said.
Among the options under consideration: an "infrastructure bank" started with as little as $10 billion to help spur new private-sector projects. Ultimately, interest paid on the loans would make the bank self-sufficient.
The president may also propose the creation of a new tax credit for businesses that hire unemployed workers. A similar measure -- the $13 billion HIRE Act -- was in place for much of 2010, but has since expired.
Obama is also expected to push for another extension of unemployment benefits, which were lengthened to the current 99-week maximum in 2009. The 13-month extension came with a price tag of $56.5 billion, though top Democrats argue that such money is immediately pumped back into the economy.
Patent reform is also on the president's agenda, along with a continuation of the current payroll tax cut. The cut, which cost $112 billion so far, allows employees to pay 4.2% instead of 6.2% on their first $106,800 of wages into Social Security.
Christopher Zane, owner of a bicycle shop, told CNN Wednesday that the current cut is not enough to entice him to hire additional employees.
"When you look at the payroll tax breaks, they are minimal," he said. "There's not enough behind it to justify the pain that can be created by hiring people if you don't necessarily need them."
Obama may also propose a new jobs training program modeled on a Georgia initiative that allows those receiving unemployment insurance to be placed at a local company for up to eight weeks of training.
Cash-strapped municipalities could also receive new federal assistance through a new version of the expired Build America Bonds program, which allowed state and municipal agencies to issue taxable bonds with the federal government subsidizing 35% of the interest payments. Money raised through a renewed version of the program could be used for infrastructure projects such as the rebuilding of highways and upgrading of rail systems.
A repatriation tax holiday has also been under consideration. American corporations currently have more than $1 trillion stashed overseas in order to avoid paying the 35% corporate tax rate. If lawmakers were to pass a repatriation measure, companies may be allowed to bring that money back to the United States while paying a reduced tax rate.
Proponents of such a measure argue that corporations could use the funds to hire more workers.
Looking abroad, the president is considered likely to renew his push for congressional approval of stalled free trade deals with South Korea, Colombia, and Panama. The measures, despite the congressional roadblock, have relatively broad bipartisan support.
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