GOP Says 'No Deal' to Obama's 'Grand Bargain'

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President Obama is calling his new tax proposal to Republicans a "grand bargain for middle class jobs."    
    
Obama made the offer Tuesday at Amazon's warehouse in Chattanooga, Tenn. The plan would offer a corporate tax cut in exchange for more stimulus-style spending to boost the economy. 
    
"I'm willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for a significant investment in creating middle-class jobs," Obama said. "That's the deal."

What the president calls "investment in job creation" really means spending more money the government doesn't have to try to jump start the bad economy -- everything from money from job creation to community colleges.

"Let me try offering something that serious people in both parties should be able to support," Obama said.

But even before he spoke, Republicans dismissed the offer. 

"This is part of the reason we have the slowest economic recovery since the Great Depression. We don't need more tax increases," Sen. Pat Toomey, R-Pa., said.

The corporate tax cut closes so many tax loopholes Republicans said it would hurt small businesses.

"The tax hike it includes is going to dampen any boost business might otherwise get to help our economy," Senate Minority Leader Mitch McConnell, R-Ky., said.

The president also included a remark in his speech that sounded like more class warfare:

"We're going to give businesses a better deal. We're going to give workers a better deal, too," the president said.

Obama also mocked the XL Keystone pipeline supported by Republicans, saying it would only create 50 new jobs.

The president's speech Tuesday was his fourth economic address this week.

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