WASHINGTON, Sept 5 (Reuters) - President Barack Obama will ask the U.S. Congress on Wednesday to increase and permanently extend a tax credit for business research as a way of boosting job growth, an administration official said on Sunday.
The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks, said the official, who spoke on condition of anonymity.
Obama will call on Congress to increase to 17 percent from 14 percent one of two credit options available to businesses, the official said.
Obama is to lay out this plan and other initiatives for aiding the sagging U.S. economy in a speech in Cleveland on Wednesday.
He is trying to both create jobs and help his Democrats hang on to control of Congress in Nov. 2 elections in which Republicans are poised to pick up seats, possibly even take command of the U.S. House of Representatives.
