Mitt Romney promised on Friday to propose a bold jobs plan that seeks cuts in federal spending and business taxes, a reduction in burdensome regulations and a balanced budget.

Romney, who will unveil his proposal on Tuesday in Nevada, said during a speech in Tampa, Florida, that it will be bold, sweeping and specific.

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, the former Massachusetts governor said. I will make sure that America's workforce is prepared for the modern economy.

Romney said runaway growth in government meant the United States had 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 leader in the Republican 2012 race, has fallen behind Texas Governor Rick Perry in opinion polls in the battle for the nomination to challenge President Barack Obama next year.

Romney will release his jobs plan two days before Obama presents his own job-creation proposal to a joint session of Congress. The August labor report released on Friday showed employment growth ground to a halt last month and the unemployment rate held steady at 9.1 percent.

That is unacceptable. In order to change the direction of this country, we need to change presidents, Romney said in a statement about the jobs report.