Mitt Romney promised Friday to unveil his proposal to cut federal spending and business taxes, in a bold jobs plan that would call for a reduction of burdensome regulations and also seek a balanced budget.

Romney, who will unveil the plan on Tuesday in Nevada, said during a speech in Tampa, Fla., that it will be bold, sweeping and specific, Reuters reported.

I will make business taxes competitive with other nations, eliminate burdensome regulations and bureaucracy, and support America's workers instead of its union bosses, Romney told the Republican National Hispanic Assembly, according to a text released by his campaign.

I will promote the exploration of our own natural resources, which will create countless jobs, said the former Massachusetts governor. I will make sure that America's workforce is prepared for the modern economy.

Romney, who will release his jobs plan two days before President Barack Obama is set to present his to a joint session of Congress, said runaway growth in government means the United States has almost ceased to be a free-market economy.

I will cut federal spending, cap it at 20 percent or less of the GDP and finally, finally, balance the budget, he said.

Romney, the early frontrunner in the GOP 2012 presidential race, has fallen behind Texas Gov. Rick Perry in the opinion polls. He will also appear with the Tea Party Express in Manchester, N.H., on Labor Day, and then head to South Carolina to attend a candidates' forum.