Obama to pitch trio of economic proposals in Ohio

[babylonsister]

Obama to pitch trio of economic proposals in Ohio
AP

By JULIE PACE, Associated Press Writer – 21 mins ago


WASHINGTON – President Barack Obama is voicing unwavering opposition to extending Bush-era tax breaks for the nation's wealthiest families even for a year or two, drawing a sharp contrast with Republicans eight weeks before the November elections.

The president was to outline his stand Wednesday in a speech in Cleveland, where he also will propose a package of infrastructure investments and business tax incentives that the White House says will put the economy on a path toward long-term growth while allowing for some immediate job creation.

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Obama is asking Congress to consider three proposals:

• A $50 billion infrastructure investment to rebuild and repair the nation's roads, railways and runways.

• A permanent extension of research and development tax credits for businesses.

• Tax breaks to let businesses quickly write off 100 percent of their spending on new plants and equipment through 2011.

Senior administration officials said the three proposals would be the full extent of new economic policies the president would announce before the midterms, eliminating the possibility of a pre-election freeze on payroll taxes, an idea supported by many businesses.

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