WH Press Secretary: Obama's 'American Jobs Act' will be ready for Congress next week

This morning, Democratic sources tell CNN that President Obama's jobs plan, to be revealed in a speech tonight, could end up topping $400 billion dollars and include a lot of infrastructure spending and targeted tax cuts.

On American Morning today, Christine Romans asks White House Press Secretary Jay Carney about what we can expect to hear from President Obama this evening.

"It does have a name - The American Jobs Act," Carney says. "The President will announce tonight that he intends to submit legislation to Congress early next week which will contain all of his proposals, as well as a provision to pay for all of his proposals."

"Congress should act right away and get it done," Carney adds.

Carney goes on to explain the plan will have some ideas that have been discussed in the past, and some new ideas that have not been put forward before. The plan will include infrastructure spending, community assistance to rebuild schools and a variety of reforms aimed at stimulating the economy.

The speech comes during a time of continued high unemployment and stagnating national growth. Romans asked Carney about a recurrent Republican criticism – that the last time President Obama argued for spending to create jobs with the stimulus plan, it didn't work.

"There is a broad bipartisan consensus in America of the kinds of actions the President will propose," Carney responds. "What we hope to hear from Congress is a will necessary to act now."

You can watch the entire interview here.

Watch President Obama's speech live and CNN's special coverage starting at 6pm Eastern.