(CNN) - With less than two months to go until a critical midterm election likely to turn on the economy, President Obama this week will lay out a new plan that includes a proposal to extend a tax cut popular with the business community, according to an administration official.
The official said the president will push Congress to permanently extend the tax credit for business research and development costs.
That proposal will cost $100 billion and be paid for by closing other corporate tax breaks, according to the official.
Obama will lay out the proposal during an economic speech Wednesday in hard-hit Cleveland, Ohio, but the official stressed the business tax cut will not be the only part of the new plan. "This is a key element, but not the sum of our new proposals," the official said.
Administration officials previously told CNN the president is considering a payroll tax holiday as well as new infrastructure spending, among several proposals his economic team has been weighing.
There's urgency to the new plan in part because White House officials are anxious that Democrats' majorities in the House and Senate are up for grabs because of the economic uncertainty still sweeping the nation.
But administration officials privately acknowledge it's unclear whether House and Senate Democrats will be able to pass the president's new plan before the election because of the narrow window of a few weeks for Congressional action before lawmakers leave Washington again to focus full time on campaigning.
Even if Obama's plan does win passage, it is uncertain whether or not it would have a measurable economic impact before November. That's a worrisome development for Congressional Democrats already fretting that the president's 2009 stimulus package has not provided the originally-advertised bang for its buck.
How can you do that you don't have a clue of what you are doing.
Obama you are so out of touch with the people.
The only thing you seem to do very well is spend tax dollars on vacations and about anything but what needs to be done.
First you need to stop spending and balance the budget.
Make government smaller. I thought you were going to do that.
Surround yourself with smart people that know wht they are talking about because you don't.
I would like to see you resign but you are having to much fun at our expense to do that.
The kind of change you have forced on the American people we can't afford.
Don't you guys get it?.....
It's NOT Obamacare..... it IS help for YOU!!!!
It gives YOU insurance when you have a pre-existing condition!!! They CANNOT deny coverage!!!
It contains costs so YOU get to keep more of your money!!!
There is NO govt. takeover....it is just the regulation of an industry that is OUT OF CONTROL!!!!
Don't you WANT your money??? Don't you WANT AFFORDABLE health insurance????
You are SO BRAINWASHED!!!!!!!
obama has no economic plan,this idiot has no idea how to turn this country around to prosperity . Spending the us into bankruptcy is not the right thing to do. we must repeal the obama care bill,and the financial reform bill, and stop giving bailouts to his campaign contributors ,unions and his special interest, and start moving in the right direction! A large majority of the public does not like what obama is doing.We don't want to be a socialistic country no matter what obama thinks.He will be gone in 2012 !!!
engine is manufacturing sector..tighten immigration....catch these guys who are cheating in business...like motels, gas station, hiring all illegals, and non-citizens...,
if you think america is in bad shape now, wait until the republicans get their way...then in four years we'll elect another democrat to save the day...then let the republicans scare us again and vote him/her out...then elect another democrat who will change everything and/or get assassinated/die of polio...rinse and repeat.
If the new plan is as good as the last one, we are in deep trouble.
He needs to include in his ideas some way to force China to revalue their currency. They said they would let it float (like they have many times) and I don't see any floating going on. If they valued their currency properly, it would create over a million jobs in this country.
I cant believe how short the American peoples memories are.
You all have forgotten about the budget surplus that Pres. clinton left.
You have forgotten that all the jobs are now oversea.
You have forgotten that the republican with the help of 3 well known democrates blocked everything the president tried to do. Kept us from getting the health care he wanted to give us.
You have forgotten that Pres Obama has only been in office for 19months, the democrate congress less than 4 years. Seems to me you gave Bush 8year 6 of which with a majority congress to get is in a mess.
Seems to me their is something else going on here. Its person not political.
there is no way I want to go back to the days of GWB and them. I will we voting democrate. I REMEMBER .
The GOBP has already written its rebuttal: NO!
For the rest of the sane people in the US who aren't fooled by the lies of their corporate masters, it's quite obvious that the teatards know nothing about economics. Hint: Deregulation doesn't work. Tax cuts don't work. And cutting back government spending during a recession makes the recession worse.
I'm amazed that people are so blinded by hate that they refuse to see what this nation is becoming. When the rich get control of everything and control all the jobs, and the government is too weak to to anything, then there will be no middle class. All because "he scares me!!!".
How many times do we have to put up with this nonsense of being told if you pass this the economy will improve only to face the fact that it has the opposite result.This individual ,Obama hasn't the first clue as to how to help improve the economy and we are worse off because of his desire to create a"socialist utopia".