President Obama (Creative Commons)

The plan includes tax cuts for small businesses that hire more employees and invest in research.

With unemployment stalled at a 10 percent, the Democratic Party hopes this new package will squelch public uncertainty as the November election season approaches.

The tax cuts, estimated to cost about $180 billion, encourage businesses to increase their capital investments, hire more workers and purchase equipment. The plan would then permit businesses to write off what they spend through the end of 2011.

The White House claims the package will save businesses about 200 billion over the next two years.

According to White House press secretary Robert Gibbs, "This is about long-term economic growth. This isn't about the next 60 days or the next 90 days. This is about how do we get our economy fully back on track, how do we get the millions out of work back to work."

Obama’s speech comes just one month after House Minority leader John Boehner presented the Republican party’s economic remedy.

Boehner stated, "We don't need more government 'stimulus' spending. We need to end Washington Democrats' out-of-control spending spree, stop their tax hikes and create jobs by eliminating the job-killing uncertainty that is hampering our small businesses."

Republicans claim that Obama’s proposal will be another unsuccessful stimulus package, much like the $800 billion package that failed to significantly lower unemployment.

Obama’s package faces the challenge of obtaining congressional approval before Congress adjourns for the remainder of the campaign season.

To reach reporter Marlise Knechtle, click here.