Obama's 'Grand Bargain' Is 'No Bargain' for GOP

Republicans say president's plan is a missed opportunity to help the economy.
1:42 | 07/31/13

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Transcript for Obama's 'Grand Bargain' Is 'No Bargain' for GOP
Now, to president obama making a rare visit to capitol hill today to sell his latest grand bargain offer on the budget. Cuts in corporate taxes for more opportunities to create jobs. Jim avila, this looks li a hard sell with republicans in congress. Reporter: Yes, it does, george. Good morning. The president, as you say, on the way up to capitol hill. But he's scheduled to talk to only democrats. And the grand bargain he's talking about, republicans say it's no bargain at all. When would republicans reject a tax cut for corporations? Answer, when it's proposed by this man, the president, who says he wants to break the capital logjam, by agreeing to lower taxes for businesses. I'm offering serious people in both parties should be able to support. A deal that simplifies the tax code for our businesses, and creates good jobs with good wages for middle-class folks who work at those businesses. Reporter: And that's the rub. President obama's proposal would cut corporate tax rates. And perhaps even collect more money by closing multibillion-dollar loopholes. But instead of giving that new revenue back to individual taxpay taxpayers, as republicans demand, the president wants to spend it on government programs to train workers, build new bridges and roads, he says to put the middle class back to work. That is a no-go for the gop. This administration never misses an opportunity to miss an opportunity to grow this economy. Reporter: Aides to senior republicans say this attempt to break the logjam is not serious. And so, where does this attempt to break the deadlock leave us today? Deadlocked, george. All full of showdowns. Thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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