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This week, President Obama announced a $450 Billion job plan to "put America back to work". Although getting the bill passed may prove to be an ordeal, I believe many strong companies will benefit from the plan. Obama says the money would be used to build and maintains roads. It would also be used to renovate 44,000 public schools.

Here is a list of the following companies that are not only cheap, but would benefit if the bill was passed:

Caterpillar Inc. (NYSE:CAT) manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. It operates through three lines of businesses: Machinery, engines, and financial products.

If there is ever a construction project going on, than chances are that Caterpillar is involved. The company's products are used everywhere. The company has a forward P/E of 9 and a 2% dividend. This is a company to own for a long-term portfolio as it is a strong blue chip.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) engages in the exploration, mining, and production of mineral resources.

I like Freeport for many reasons. With increasing gold prices, Freeport will continue to benefit. Many analyst believe that steel is actually a good gauge of construction activity, but I would have to disagree. I believe copper is something that is more commonly used. Freeport would benefit from an increase in construction and on top of that you get a play on gold. Freeport has a forward P/E of 6.85. It also pays a 2.3% dividend.

CEMEX, S.A.B. de C.V., (NYSE:CX) through its subsidiaries, engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, and other construction materials worldwide.

Obama promised in his speech that the bill would help lower traffic congestion and build our railroad system. Cemex is a strong play on that. The concrete that Cemex offers is primarily used for pavement and as well as railroad infrastructure.

Something to be aware of is that the company has had negative earnings and has a large debt-load.

Radian Group Inc., (NYSE:RDN) through its subsidiaries, provides credit-related insurance coverage and financial services in the United States and internationally.

You may be wondering what is a mortgage insurer doing on this list. Well part of Obama's bill is to provide homeowner's support with lower refinancing. The idea is that it would save American families on interest. Radian has been taking significant losses as it looks to turn around its mortgage portfolio. If the government steps in and provides support to them, then it may be worth a look. The stock has fallen substantially, but be cautious with this one as it is still having problems.

CSX Corporation (NYSE:CSX), together with its subsidiaries, provides rail-based transportation services. The company offers traditional rail service, and the transport of inter-modal containers and trailers. It transports crushed stone, sand, gravel, and metal.

As construction activity will increase, there would be an increase in demand for stone and gravel. CSX is best positioned to transport essential products in a low cost effective manner. The stock currently has a forward P/E of 9.74 and pays a 2.4% dividend.

There is a strong possibility that Obama's plan may not even pass. These companies should be bought because they are cheap or are turnaround stories. I recommend you do some research before buying.

Source: 5 Stocks To Benefit From Obama's Job Plan