President Obama will outline another possible compromise with Republicans in a speech in Chattanooga, Tennessee on Tuesday, one that House Republicans seem to have basically already rejected. House Speaker John Boehner's spokesman dismissed the proposed bargain on Tuesday morning. According to CNN's Jake Tapper, the White House called Boehner's office on Monday, and left a message about the idea. The call was not returned.
Obama will call for overhauling corporate tax rates, and using the one-time extra money it would bring in to pay for infrastructure and jobs, The Wall Street Journal reports. Last year, Obama has offered to lower the corporate rate from 35 percent to 28 percent, while cutting tax loopholes, and overhauling individual rates as well. Since Republicans didn't bite, Obama is dropping the proposal for individual rates.
Update: Obama essentially offered a five-point jobs plan: 1) increase the number of "manufacturing innovation institutes" to create high-tech jobs to 45, 2) repair infrastructure, including 100,000 bridges, 3) sustain investments in renewable energy research and tech, 4) sign more trade deals to draw foreign investment, and 5) encourage companies to hire the long-term unemployed. As for taxes, he said he's "willing to simplify our tax code in a way that closes those loopholes, ends incentives to ship jobs overseas" as well as creating "tax incentives for manufacturers that bring jobs home."