News Summary: Obama offers deal for jobs program

DEAL ON THE TABLE: President Barack Obama is proposing to cut corporate tax rates in exchange for more spending on jobs programs. His offer was immediately panned by congressional Republicans, who said it could hurt small businesses that file taxes as individuals.

TRADE-OFF: The president's offer drops the previous demand that business tax reform be coupled with an individual tax overhaul. It calls for lowering the corporate rate from 35 percent to 28 percent. Obama wants the changes combined with significant spending on a job creation program, such as manufacturing, infrastructure or community colleges — but didn't put a price tag on the proposals.

OBJECTIONS: Congressional Republicans want to tie corporate and individual tax reform so that small businesses that use the individual tax code would see cuts like large corporations. But they oppose using any revenue generated from corporate tax structure changes for spending programs.

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