Obama to Propose New ‘Grand Bargain’

President Obama will propose a “grand bargain for middle-class jobs” that would cut the U.S. corporate tax rate and use billions in revenues generated by a business tax overhaul to fund projects aimed at creating jobs, Reuters reports.

“Efforts to reach a bipartisan ‘grand bargain’ on deficit reduction have been at an impasse for months. Senior administration officials say Obama is not giving up on a big deficit-cutting package, but given that no agreement appears on the horizon so far, he is offering a new idea to try to follow through on his 2012 re-election campaign promises to help the middle class.”