In a major speech tonight, President Obama is announcing a jobs and growth package that could top $400 billion, CBS reports. Excerpts of the speech were given to the press, and in addition to signature soaring rhetoric, Obama is outlining specific spending increases and tax cuts that he hopes will, among other things, lead to the hiring of one million unemployed construction workers. According to a copy obtained by CNN, Obama will tell the American people and Congress:

The people of this country work hard to meet their responsibilities. The question tonight is whether we’ll meet ours. The question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy; whether we can restore some of the fairness and security that has defined this nation since our beginning.

I am sending this Congress a plan that you should pass right away. It’s called the American Jobs Act. There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans - including many who sit here tonight. And everything in this bill will be paid for. Everything.

The Washington Post reports that "The president's plan, in large part, will call for continuing current measures to stimulate the economy, including a 2 percentage-point payroll-tax cut and extended unemployment benefits, administration officials say. Obama is also likely to call for an additional tax cut for companies that hire workers. Those measures together could cost about $200 billion next year. Obama is planning to propose $100 billion or more in spending on infrastructure, state and local aid, and programs that target people who have been unemployed for more than six months, according to officials and other people familiar with the deliberations."

The Republicans will not offer a formal rebuttal following the speech, but they have distributed talking points. If you're a Republican and a reporter asks you a general question, go with: "President Obama has made a bad economy worse. This fundamental fact will headline the 2012 election. Instead of hope and change, President Obama has given the American people the longest economic downturn since the Great Depression." And if you're asked if Obama can still shred a speech like he used to back in the glory days, just tell them, "The once rock star figure of the Democrat party is now an alarming political liability for House Democrats." Don't worry if it's not true—jittery Democrats will take your word for it and beg Hillary to run again.