President Obama has a new "grand bargain" for Republicans, though it's a little less grand this time around. In a speech today, Obama will offer to overhaul the corporate tax code, reducing the rate and reaping a onetime windfall in the process, the Wall Street Journal reports. In exchange, the the White House wants the GOP to agree to use that windfall to pay for new jobs programs. Until now, Obama has insisted that corporate rate cuts come packaged with reform on individual taxes.
It's unclear where this windfall would come from, but many Republicans believe it should be spent covering the costs of cutting rates—an idea the administration is rejecting. Obama has previously suggested slashing corporate rates from 35% to 28%, while ending certain tax advantages and imposing a minimum tax on foreign earnings to keep things deficit-neutral. Obama will make his pitch at an Amazon warehouse in Chattanooga, Tenn., according to CNN, as part of his recent effort to refocus on the economy. That push has also included calls to reduce income inequality, which he has called "morally wrong," the Hill reports. (Read more Barack Obama stories.)