Faced with stagnant unemployment rates, a lowered credit rating and the threat of a double dip recession, President Barack Obama plans to give a major speech about job creation and debt reduction in September.

According to an unnamed senior administration official, the president will present specific plans to jolt the economy and speed up job growth by cutting taxes, promoting new infrastructure spending,  reducing long-term debt and overhauling the tax code.

Obama will then spend the rest of the year pressing Congress to take action on his plans and offering ideas on how to pay for the initiatives. If lawmakers fight him, the president is already preparing to take the issue to the American public for support.

Nearly 14 million Americans are currently unemployed. Millions more have given up looking for work or have taken part-time jobs just to make ends meet. With the unemployment rate stuck at 9.1 percent, Obama must find a way to get Americans back to work — or he could lose his own job in 2012.

Obama’s speech is expected to take place right after the Sept. 5 Labor Day holiday.

[Associated Press]