Free Republic

President Barack Obama on Tuesday offered congressional Republicans a new corporate tax cut and jobs spending package he said might “help break through some of the political logjam in Washington,” only to have GOP lawmakers immediately throw cold water on the idea. The announcement and quick rejection underscored how elusive common ground is between the Democratic White House and Republicans in Congress on fiscal issues. The divide was particularly stark on the corporate tax proposal given that both parties generally have supported overhauling the code for businesses, though the White House and Republicans have differed on specifics. … The U.S....

<p>House Speaker John Boehner’s office this morning said Obama’s plan, which cuts the corporate tax rate in exchange for more revenues for infrastructure projects, “leaves small businesses and American families behind.”</p> <p>The two parties seem to be engaging in the age-old fight over taxes and spending. While Democrats want to raise revenue, Republicans refuse and instead demand more spending cuts. Politico’s Many Raju and John Bresnahan write: “The lack of progress underscores a growing belief in Washington: The long-sought grand bargain could very well be out of reach during the Obama presidency. ... A short-term solution to the country’s fiscal woes seems more likely, but even that may not happen.”</p>

House Speaker John Boehner has already thrown a wrench into President Barack Obama's latest "grand bargain" offer — just a few hours after details of it began trickling out, and just five hours before Obama is set to deliver a speech detailing the plan in Tennessee. The gist of Obama's grand bargain is a plan to cut the corporate tax rate, while using billions of dollars in revenue generated in business tax overhaul to fund a job-creation program. In a statement, Boehner spokesman Michael Steel shot down the idea, marveling that it left small businesses "and American families behind." "The...

Hoping to break an impasse, President Barack Obama today will extend a new offer to congressional Republicans in which he would back an overhaul of the corporate tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job creation proposals. Mr. Obama will lay out the plan in a speech he is to deliver in Chattanooga, Tenn., in a bid to win over Republican lawmakers who've opposed White House requests for new spending on roads and bridges and other projects aimed at boosting employment.

President Obama in Tennessee on Tuesday will call for a lowering of the corporate tax rate in exchange for heightened government investments in infrastructure, manufacturing and education, a new effort to entice Republicans wary of virtually all of his prescriptions to improve the economy.

<p>A House committee prepared a $128 billion corporate tax cut for debate on Tuesday, retooled under pressure from rank-and-file lawmakers into a less expensive bill with more aid for U.S. manufacturers.</p> <p>Ways and Means Committee Chairman Bill Thomas reworked an outline for a $200 billion tax cut after Republicans on the panel made clear they wanted to help U.S. manufacturers become more competitive and stem the tide of jobs flowing overseas.</p>