Tired of being slammed by President Obama over a lack of a jobs plan that will boost both job creation and the economy, Senate Republicans on Thursday unveiled a proposal that they say is the real American jobs act and would create five million jobs. But their Jobs for Growth Act, as it’s actually called, will undoubtedly elicit the same reaction from the president and congressional Democrats that Obama’s plan received from Republicans: No way.

The plan is a compilation of a few new ideas and GOP oldies, previously introduced legislation that they still consider goodies. It calls for a corporate and individual tax reductions to a maximum of 25 percent; a repeal of the president’s health care and Wall Street reform bills; and a balanced budget amendment to cut federal spending. It also would place a temporary moratorium on new government regulations until the nation’s unemployment rate drops from 9.1 percent to 7.7 percent. Corporations that bring offshore earnings back to the United States would get a tax break and restrictions on offshore drilling would be lifted.

“President Obama and my friends on the other side of the aisle of the Senate believe that they can create jobs through government spending. We believe we can create jobs through growth, said Sen. John McCain, whom Obama defeated in 2004. “They believe that government spending creates jobs. We believe that business and growth creates jobs.”

Sen. Lindsey Graham (R-South Carolina) called on Obama to host a “jobs summit” to try to find common ground to address the unemployment crisis.

“This is an offer from the Republicans to chat about a way forward,” he said.

The GOP proposal comes just two days after the Senate blocked an effort to debate Obama’s $447 billion jobs package. Democrats have pledged to break Obama’s plan into pieces and force Republicans to vote on each one.

“We’re going to say, let’s have a vote on putting teachers back in the classroom. Let’s have a vote on rebuilding our infrastructure. Let’s have a vote on making sure that we are keeping taxes low for small businesses and businesses that are willing to hire veterans, provide tax breaks for further investment that can create jobs,” Obama said during a Thursday afternoon press conference with South Korean President Myung Bak. “And each time we’re going to ask Republicans to support the bill. And if they don't want to support the bill, they’ve got to answer not just to us, but also the American people as to why they wouldn’t.”

(Photo: Brendan Hoffman/Getty Images)