WASHINGTON (AP) — Republicans are denouncing the proposal that's coming today from President Barack Obama in an effort to break Washington's fiscal stalemate.
Obama is proposing cuts in corporate tax rates in exchange for more spending on jobs programs. He's no longer linking the corporate tax cuts to an individual tax overhaul. His plan calls only for lowering the corporate rate from 35 percent to 28 percent, with an even lower effective tax rate of 25 percent for manufacturers.
But Senate Minority Leader Mitch McConnell says Obama's plan could hurt small businesses that file taxes as individuals. And a spokesman for House Speaker John Boehner (BAY'-nur) says Obama's proposal allows the president to support his own position on taxes and spending, "while leaving small businesses and American families behind."
A White House spokeswoman says the new proposal from Obama -- described as a "grand bargain" -- isn't supposed to be for Republicans, but is "supposed to be a bargain for the middle class."
Senior administration officials describe the corporate tax proposal as the first new economic idea Obama plans to offer in the coming months, as budget deadlines loom in the fall. He's outlining the proposals during a trip to an Amazon.com distribution center in Tennessee.
149-c-18-(Mark Smith, AP White House correspondent)-"on the economy"-AP White House Correspondent Mark Smith reports the president is proposing a new deal with the GOP that he hopes will create jobs. (30 Jul 2013)
<<CUT *149 (07/30/13)££ 00:18 "on the economy"
148-v-35-(Mark Smith, AP White House correspondent)--President Obama is proposing a new so-called "grand bargain" that he hopes will break the partisan impasse on the economy. AP White House Correspondent Mark Smith reports. (30 Jul 2013)
<<CUT *148 (07/30/13)££ 00:35
APPHOTO MDJM101: President Barack Obama waves as he boards Air Force One prior to leaving Andrews Air Force Base, Md, Tuesday, July 30, 2013, en route to Chattanooga, Tenn. to speak at an Amazon fulfillment center on his better bargain for the middle class. (AP Photo/Jacquelyn Martin) (30 Jul 2013)
<<APPHOTO MDJM101 (07/30/13)££
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