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McConnell: Obama's jobs speech is a 'serious blow' to bipartisanship

“The plan lacks meaningful bipartisan influence,” McConnell said on the Senate floor Tuesday. “[And] it could actually hurt small businesses.”

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According to reports, the president will offer to cut taxes on most corporations from 35 percent to 28 percent, with a preferred rate of 25 percent for manufacturers. 

The president’s plan will also include measures to prevent corporate tax evasion and the use of offshore tax havens through a minimum tax on foreign earnings.

In exchange, Obama seeks spending on investment projects he says will benefit the middle class, such as infrastructure repair and aid to community colleges.