Report: Obama to call for $100 billion business tax credit

President Obama will use a speech in Cleveland on Wednesday to call for a $100 billion business tax credit, the Washington Post reported Monday.

The plan would increase and permanently extend the research and development tax credit, one proposal that had reportedly been on the table to help jump-start job creation after disappointing unemployment numbers -- an upward tick to 9.6 percent -- were announced Friday.

It would be paid for by closing other corporate tax loopholes, an administration official told the Post on condition of anonymity.

The Post also reported that the White House will take a pass at this point on one of the other proposals on the table, a payroll tax holiday.