Obama economic proposals unlikely to pass soon

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Congress is unlikely to quickly pass President Barack Obama’s latest proposals to jump-start the economy, reflecting the president’s weakened political position and a bruising election just two months away.

Mr. Obama travels to Cleveland to deliver a key-note economic speech Wednesday that will outline plans to enhance and permanently extend the research and experimentation tax credit, allow businesses to write 100% of their investments off their taxes through 2011, and pump another $50 billion of infrastructure spending into the economic bloodstream.

Businesses say the tax proposals are helpful but no substitute for what they really want: broad-based changes to the corporate tax code and an extension of President George W. Bush’s tax cuts, which expire in January. Republicans have criticized the proposals as a Stimulus II, while urging Democrats running for office to reject it.

Full Story: Obama Economic Proposals Unlikely to Pass Soon – WSJ.com