And this is the second time it has been downgraded.

(USA Today)President Obama’s post-Labor Day policy speech on job creation will include “some reasonable ideas that can have a tangible impact,” his spokesman says.

Those ideas and others are being considered by the President’s Council on Jobs and Competitiveness, whose leaders — General Electric CEO Jeffrey Immelt and American Express CEO Kenneth Chenault — spoke by phone with the president Wednesday.

“There will be some ideas that the president will lay out in this speech . . . new ideas,” Earnest said. At the same time, he said, Obama is not “backing away” from proposals he has pushed in the past, such as a public-private infrastructure bank to jump-start highway projects, and free trade agreements with South Korea, Colombia and Panama.

The spokesman said Obama is constantly “dismayed” by Republicans’ charges that his economic proposals are intended for political consumption.

Just last week the White House was calling it “a very specific plan to boost the economy.”

ABC’s Jake Tapper: In response to a question at a town hall in Decorah, Iowa, Monday evening, President Obama said that when Congress returns in September, “I’ll be putting forward . . . a very specific plan to boost the economy, to create jobs and to control our deficit. And my attitude is get it done.” Do you think the president can put a new plan in place to fix unemployment?