Pawlenty walks with staffers to hold a news conference after speaking at the Cato Institute in Washington
Republican presidential contender Tim Pawlenty (C) walks with staffers to hold a news conference after speaking at the Cato Institute in Washington, May 25, 2011. Pawlenty called for changes in the Social Security system and cuts to Wall Street subsidies on Wednesday as he took his "hard truth" campaign to Washington. REUTERS

Republican presidential candidate Tim Pawlenty on Tuesday will lay out his plan detailing how he would balance the federal budget and reshape the nation's tax code, The AP reported

A Pawlenty aide said the former Minnesota governor will outline his proposal in Chicago.

The governor's speech will offer a specific plan for boosting the economy and creating jobs. His speech will include a plan to balance the Federal budget, overhaul the Federal tax code, reduce regulation and increase American innovation and investment in jobs, Fox News reported the aid saying.

The economy tops voters' concerns, and Pawlenty has readily criticized President Barack Obama's handling of fiscal matters, but has yet to proffer another way of doing things.

He also plans to discuss proposals to reduce government regulations and encourage innovation, The AP said.

Investment Investment Barack obama