WASHINGTON — President Obama on Thursday proposed legislation that would create a national infrastructure bank and provide more resources for federal loans and grants to transportation projects among several proposals to create jobs.

In a much-anticipated speech,, Obama outlined a $447 billion American Jobs Act that he plans to send Congress next week. He said the legislation should receive bipartisan support because these proposals have previously been supported by Republicans and Democrats. Obama said he plans to pay for the bill by asking the Joint Committee on Deficit Reduction to come up with additional cuts to the deficit. Obama also said that in two weeks said he will send Congress  a more ambitious deficit reduction plan that stabilizes the nation’s debt as a share of the economy.

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