May 8, 2012 / 3:31 AM / 7 years ago

Obama to press lawmakers to act on economy

WASHINGTON (Reuters) - President Barack Obama will renew his calls for the U.S. Congress to act on mortgage relief, small business tax credits, and veterans’ assistance to try to refocus the spotlight on lawmakers in an effort to boost the economy.

U.S. President Barack Obama speaks during a campaign event at Virginia Commonwealth University in Richmond, Virginia on May 5, 2012. REUTERS/Joshua Roberts

Obama, who is traveling to Albany, New York, on Tuesday, to visit a nanotechnology research center will lay out a “to do” list for Congress, an administration official said.

The Democratic president, who is running for re-election in November, is eager to show he is taking steps to accelerate economic growth. His expected Republican opponent, former Massachusetts governor Mitt Romney, has painted his background as a business executive as better suited for helping the United States recover from sluggish job growth and high unemployment.

The list is a repackaging of proposals Obama has made over the past several months.

The proposals include calling on Congress to pass:

- legislation that gives companies a tax incentive to move overseas operations back to the United States. The proposal would be paid for by getting rid of tax incentives that let firms deduct the costs of moving their business abroad.

- legislation to reduce “red tape” and smooth the way for more people to take advantage of low interest rates by refinancing their mortgages

- legislation that provides a 10 percent income tax credit to small businesses that create new jobs or increase wages this year

- legislation to expand a 30 percent tax credit for investments in “clean energy manufacturing”

- legislation to help veterans from the wars in Afghanistan and Iraq get service-oriented jobs such as police officers and firefighters

Reporting by Jeff Mason; editing by Christopher Wilson

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