President Obama to Unveil New Plans for Economy

President Barack Obama is reportedly planning to unveil an ambitious plan on Wednesday to help get the struggling US economy turned around. Included in Obama’s plan is a $100 billion permanently extend tax credits for businesses that invest in research and development. The President will propose to help pay for the tax credits by eliminating corporate tax breaks for multinational corporations and some energy companies.

The president’s speech will take place at Cuyahoga Community College in Cleveland, Ohio. Obama will also propose an extension to the middle class portion of Bush administration tax cuts which are currently scheduled to run out in four months. It is believed that the reason for the location of the address is that Ohio representative John A. Boehner recently held an address nearby in which he attacked the President’s domestic policies and insinuated that his $800 billion stimulus package had failed to help the economy.

Obama will compare his ideas on the economy with the Republicans’ “failed policies and failed philosophy,” according to reports. In his weekly internet and radio address, Obama noted that his policies had “stopped the bleeding” in the job market and said that the housing market would be in far worse shape had it not been for the federal tax credits for homebuyers.

Obama will be in Milwaukee on Monday to begin laying out his plans for the economy, and will hold a press conference at the White House later in the week. He could also name a replacement this week for Christina Romer, the head of the Council of Economic Advisors who stepped down last week to return to her job as UC Berkeley economics professor.

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