President Obama today heads to Cleveland, Ohio, to contrast his economic proposals – and what White House advisers are calling “economic values” – with those of Republicans, most notably those of the would-be House Speaker should the GOP recapture the House in November, House Minority Leader John Boehner, R-Ohio, who delivered an economic speech in Cleveland two weeks ago.
The president will talk about the concepts that Boehner spoke of during his speech and highlight the “different values that animate our thinking about how you build a strong economy,” a White House official said. “The president will be talking about these values and the divergent paths that the two, the two parties are proposing this fall in the speech tomorrow, and that’s largely what the speech will be about.”
The president, White House officials say, will depict Boehner and the Republicans as being hypocritical on deficits, supportive of a financial regulatory regime that led to the financial meltdown, and prisoners of the past. Mr. Obama will continue to argue in favor of permanently extending the Bush tax cuts for individuals who earn less than $200,000 a year/$250,000 for couples, and against the Republican plan to extend tax cuts for the top two tax brackets.
On Monday in Milwaukee, the president proposed a $50 billion “infrastructure bank” to fund bridges, roads, rail lines, and airport runways.
Today the president will propose allowing companies to fully deduct capital investments in equipments and plants through the end of 2011, a business tax cut of up to $200 billion over two years, though the administration estimates the ultimate cost at $30 billion over ten years. Mr. Obama will also push an enhanced research and experimentation tax credit at an estimated cost of $100 billion over the next decade.
“These targeted proposals are designed to increase confidence and spur job creation--and they have been supported by many Republicans in the past,” a White House official said, “so opposition is just another name for partisan game playing instead of helping put the American people back to work.
An administration official, noting that these proposals have already been reported said “the president is not going to Cleveland to make news about these proposals, the proposals are already known…He’ll also be talking about where the economy has been, where we are now, and where we’re headed.”
-Jake Tapper and Sunlen Miller