(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.
Obama will lay out the proposal during an economic speech Wednesday in hard-hit Cleveland, Ohio, but the official stressed the business tax cut will not be the only part of the new plan. "This is a key element, but not the sum of our new proposals," the official said.
Administration officials previously told CNN the president is considering a payroll tax holiday as well as new infrastructure spending, among several proposals his economic team has been weighing.
CNN
