The Obameter moves in both directions

With his first year in office under his belt and unemployment still high, President Barack Obama called for additional help for the economy through a tax credit for businesses that add jobs.

This was actually an idea from the 2008 campaign that didn’t make it into the economic stimulus bill that Congress approved in February 2009. After the stimulus passed without it, we rated it Promise Broken.

But Obama has dusted off the idea and is promoting it again. The White House has released a detailed proposal on how it should work, with mechanisms in place make sure the tax breaks go to new jobs, and especially jobs created by small business. So that the deficit doesn’t go up, the federal government would tap unused money for bank bailouts to pay for the tax credit, according to the White House.

The tax credit would be $5,000 for every new worker employed in 2010. It would be capped at $500,000 per firm.

Obama has been promoting this tax credit since first announcing it during his State of the Union speech on Jan. 27, 2010. Congress, meanwhile, is actively working on a jobs bill, and it seems likely this proposal or something like it could end up in a final bill.

Because of these new developments, the Obameter has sprung to life and moved from Promise Broken back to In the Works.