HERE'S THE WHITE HOUSE SPIN on tonight's jobs speech.

• It is based on bi-partisan ideas.

• It is fully paid for by closing corporate tax loopholes and asking the wealthiest Americans to pay their fair share.

• It will have an impact on job and economic growth NOW — just as soon as Congress acts.

• Every day, people in this country are working hard to meet their responsibilities. The question now is whether Washington will meet theirs.

• The time for obstruction and gridlock is over. Congress needs to put country ahead of politics.

• The American people know that the economic crisis and the deep recession weren’t created overnight and won’t be solved overnight. The economic security of the American middle class has been under attack for decades.

• That’s why President Obama believes we need to do more than just recover from this economic crisis.

• The President is rebuilding the economy the American way — based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street where hard work and responsibility pay and gaming the system is penalized;

• It’s an American economy that’s built to last and creates the jobs of the future, by forcing Washington to live within its means so we can invest in small business entrepreneurs, education, and making things the world buys, not outsourcing, loopholes and reckless financial deals that put middle class security at risk.

It will be called "The American Jobs Act."