Obama Expected to Lay Out New Plan for Economy This Week


President Obama is expected to lay out a new economic-recovery plan on Wednesday that includes a proposal to permanently extend a 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 a White House source. “This is a key element, but not the sum of our new proposals,” the official said. With less than two months until midterm elections and increasing anxiety from Democrats about losing their majority in the House and Senate, pressure’s on here. [CNN]