Washington (CNN) -- President Barack Obama said Monday his $447 billion jobs plan is a common-sense approach needed right away, but House Republican leaders said they opposed Obama's intention to pay for it by ending tax relief for corporations and the wealthy. In a message accompanying the legislation he sent to Congress on Monday afternoon, Obama said his proposal "is fully paid for." "The legislation includes specific offsets to close corporate tax loopholes and asks the wealthiest Americans to pay their fair share that more than cover the cost of the jobs measures," Obama's message said. In addition, he said, the package increases the target figure of a special joint congressional committee working on deficit reduction by the amount his plan would cost. If the committee reaches the higher target in deficit-reduction measures, then the offsets in his legislation that cover the cost of the plan would be unnecessary and therefore eliminated.
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NEW: Boehner rejects ending both corporate tax breaks and tax cuts for the wealthy
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NEW: Obama says the deficit reduction committee also can decide how to pay
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House Speaker Boehner promises the House will consider the president's plan
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Obama calls his job creation plan a "common-sense" blueprint threatened by politics
"It is my hope that we will be able to work together to put in place the best ideas of both parties and help put @placeholder back to work."