The latest jobs bill has been sent by obama to the legislature with the statement that it should be quickly passed since it would be paid for by tax increases and budget cuts elsewhere. He promised to announce those at a later date.
That promise will likely be the downfall of the bill as past performance would only lead one to believe he is not being truthful.
The actual plan appears to be a copy of the first jobs plan which produced little for twice the expenditure.
If China does not buy Italy's debt, it may be a mute issue anyway. Should Italy/Greece fail, the entire EU is likely to go with them.
Much of the banking industry world wide, including here hold these instruments and is at considerable risk.