Obama to pitch trio of economic proposals

17:40, September 08, 2010      

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U.S. President Barack Obama delivers a speech at an event in Milwaukee, Wisconsin, marking the Labor Day holiday in the United States, on September 6, 2010. (Xinhua/AFP photo)

U.S. President Barack Obama is casting three economic proposals Wednesday, as he tries to convince a balky Congress to pass measures intended to spur the economy and create jobs.

Obama is to travel to Cleveland, Ohio, to announce plans including 200 billion U.S. dollars in tax write-offs for businesses, a 50 billion dollars infrastructure spending boost and increasing and permanently extending a tax credit for business research and development that would cost 100 billion dollars over 10 years.

He will restate his long-held position that he does not intend to bend on his opposition to extending tax cuts for the wealthiest Americans enacted under his Republican predecessor, George W. Bush, White House officials said.

"President Obama will make a strong case for permanently extending tax cuts for the middle class. But the president will make clear that he opposes the Republican plan to extend tax cuts for the top 2 percent, which would add 700 billion dollars to the deficits over the next decade," said White House spokeswoman Jennifer Psaki.

The administration hopes the proposals will increase business and consumer confidence, while also giving Democrats a boost in the November elections. But each proposal would require congressional approval, which is highly uncertain given Washington's partisan atmosphere.

Source: Xinhua


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