On Tuesday, Obama gave a speech where he proposed lowering the corporate tax rate from 35 percent to 28 percent. He also proposed taxing offshore corporate accounts and using that money for investments in infrastructure.
Republicans have complained that Obama’s “grand bargain” isn’t good enough. They’ve proposed using the revenue generated from the tax code reforms to lowering rates for individuals.
Reid said it's important for the government to make "targeted investments" in education and infrastructure to help stimulate the economy. He pointed out that sequestration has cost the economy 1.6 million jobs.