In attempts to break the fiscal stalemate lingering in Washington, D.C., U.S. President Barack Obama claims he's ready to do some serious "grand bargaining"…
The president presented his so-called grand bargain plan Tuesday during a trip to an Amazon.com Inc. (Nasdaq: AMZN) distribution center in Chattanooga, TN. The controversial proposal includes cutting the corporate tax rate, long-favored by congressional Republicans, in exchange for stepped-up spending on jobs programs.
"I've come here to offer a framework that might help break through the political logjam in Washington and get some of these proven ideas moving," President Obama said.
The GOP, unmoved, immediately slammed the suggestions and cast doubts about the plan's prospects.
And the "grand bargain" turns into just another speech…
Not in the "Grand Bargain" Kinda Mood
The Obama administration is peddling the offer as a way for Capitol Hill to create jobs and spawn short-term economic growth as hopes for a sweeping deficit reduction deal diminishes.
Even before President Obama's speech, House Republicans were critical of the pitch. Afterwards, some were just laughing at the plan.
For what's supposed to be a compromise, the grand bargain supports a lot of the president's goals.
That's why The Wall Street Journal called it "Obama's 'Grand Bargain' With Obama."
"Republicans want to help families and small business, too," said Michael Steel, House Speaker John Boehner's spokesperson. "This proposal allows President Obama to support President Obama's position on taxes and President Obama's position on spending, while leaving small businesses and American families behind."
House Republican Speaker John Boehner's office even accused the White House of blindsiding lawmakers with the proposal.
The White House countered by saying senior officials attempted on Tuesday to brief Boehner's staff about the offer, but said phone calls went unanswered until Wednesday morning – after the media already had the details.
What is Obama's Grand Bargain, Anyway?
Team Obama maintains the president is not throwing in the towel on a big deficit reduction package. But with no agreement forthcoming, the president is offering a fresh strategy in attempts to make good on his 2012 re-election campaign pledges to help the middle class…