President Obama this morning outlined a broad new proposal to try to spur job creation and give more help to Main Street consumers and businesses, CNNMoney.com reported.

In a speech at the Brookings Institution, Obama said he wants to give small businesses tax breaks for new hires and equipment purchases. He also wants to expand American Recovery and Reinvestment Act programs and spend some $50 billion more on roads, bridges, aviation and water projects.

Finally, Obama would offer consumers rebates for retrofitting their homes to consume less energy.

“Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood,” Obama said in prepared remarks. “And it speaks to an urgent need to accelerate job growth in the short term while laying a new foundation for lasting economic growth.”

Obama did not give a price tag for his proposals, but pointed out that there is more wiggle room in the federal budget since the 2008 financial system bailout program will cost $200 billion less than expected.

“This gives us a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street,” Obama said.

Lawmakers on Capitol Hill have been talking for the past several weeks about tapping the Troubled Asset Relief Program to help Main Street.

But top White House officials said today that they don’t have the authority to use funds set aside for the $700 billion bailout on infrastructure projects, for instance.