Obama to lay out new economic plan Wednesday

(CNN) — With less than two months to go until a critical midterm election likely to turn on the economy, President Obama this week will lay out a new plan that includes a proposal to extend a tax cut popular with the business community, according to an administration official.

The official said the president will push Congress to permanently extend the tax credit for business research and development costs.

That proposal will cost $100 billion and be paid for by closing other corporate tax breaks, according to the official.

via Obama to lay out new economic plan Wednesday – CNN.com.

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