President Barack Obama is set to propose a self-described “grand bargain” at an Amazon.com distribution plant in Chattanooga, Tennessee on Tuesday, hoping to bypass a budget stalemate between the White House and House Republicans.
Coming just one week after his speech on the economy in Galesburg, Illinois, the bargain will look to swap a reduction in corporate tax rates for investment in middle class employment through spending in infrastructure, community colleges, and more. The bargain will also seek to offset the spending by accuring revenue through closing some tax loopholes.
“As part of his efforts to focus Washington on the middle class, today in Tennessee the President will call on Washington to work on a grand bargain focused on middle class jobs by pairing reform of the business tax code with a significant investment in middle class jobs,” said Dan Pfeiffer, an Obama advisor.
“Grand bargains” have long been a fixation of Obama’s, though he has often had to settle for debt ceiling disappointments or sequesters. Republicans have not yet responded to the proposal, but in the unlikely chance that it did pass, the combination of corporate tax cuts and economic stimulus would be “crack for the markets,” according to Business Insider.
The speech will be made at a facility of Amazon.com, which is experiencing a hiring boom, expecting to hire 7,000 new employees.
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