US President Barack Obama unveiled a USD 33 billion package of tax cuts on Friday in order to encourage small businesses to hire new employees.

This move from Obama comes as the president targets the 10 per cent unemployment rate in the country.

Obama, who prioritized job creation in his administration, spoke as the White House got a rare economic boost with the country’s GDP reporting a growth for the fourth quarter at a higher than expected 5.7 per cent.

“It is time to put America back to work. We have had two very tough years,” Obama remarked.

This proposal from Obama, mandatory to be passed by the Congress, would offer the small businesses to claim a USD 5,000 tax credit for every new employee they hire. The firms can claim the credit every quarter.

According to White House, the estimated total cost of this proposal would total to USD 33 billion.