By THOMAS J. DONOHUEWhile the jobs plan President Obama proposed last week contains some ideas that American business supports, it falls short. It focuses too much on government spending and temporary tax breaks and too little on the trade, energy, tax, regulatory and entitlement reforms that will jolt our economy and job market back to life.The proposed payroll tax cut would likely offer a measure of relief for some small and medium-size businesses. Eligible enterprises that were already planning to add employees will welcome the hiring tax credits offered in the plan. Yet one-year, one-time tax changes will not create new jobs in significant numbers—and unfortunately, neither will the plan as a whole. It fails to adequately address the fundamental challenge facing our economy—too little growth—or the business reality that keeps companies from expanding payrolls—too few customers.And this week we have learned that the administration won't cut one dime of spending to offset the $447 billion cost of the jobs bill. Instead, successful small businesses, productive industries and those Americans most capable of investing in growth will foot the bill through major tax increases. Any jobs that might have been supported by other measures in the plan would be more than wiped out by these tax hikes. This doesn't make economic sense.So what should we do instead? The president touched on some of the needed steps to spur growth, boost demand and trigger hiring, but he failed to go far enough and overlooked some important opportunities.Read more here.