The political team has long argued that most Americans oppose bold government action to stem home foreclosures, like forcing lenders to reduce borrowers’ principal, seeing it as rewarding those who had bought houses they could not afford. The economic team holds that until the housing market recovers, the broader economy cannot — and that all Americans suffer.

On Tuesday, Mr. Obama will flesh out his populist message with new proposals to spur manufacturing, including tax breaks for companies that “insource” jobs back to the United States; to double-down on clean-energy incentives; and to improve education and job training initiatives, especially for the millions of long-term unemployed, the officials familiar with the speech said.

Mr. Obama is expected to harden his challenge to China to increase its currency’s value for fairer trade — addressing the one area in which Mr. Romney has struck a more populist chord that appeals to the working-class voters that Mr. Obama will need if he is to be re-elected. The Obama team still views Mr. Romney, despite his defeat in the South Carolina primary on Saturday, as the president’s most likely Republican challenger.

In the video preview, like one sent to supporters last year, Mr. Obama said he would call for “a return to American values of fairness for all and responsibility from all.”

“We can go in two directions,” he said. “One is towards less opportunity and less fairness. Or we can fight for where I think we need to go: building an economy that works for everyone, not just a wealthy few.”

To that end, people familiar with his draft speech say, Mr. Obama will again call for changing the corporate and individual income-tax codes so the wealthy pay more, both to finance government investments and to alleviate the rise in income inequality in recent years.

Mr. Obama will revive his call, made in September, to rewrite the individual tax code in a way that follows what he termed the “Buffett Rule” — making sure that, as the billionaire Warren Buffett has said, no secretaries or other employees pay a higher effective tax rate than their better-paid bosses.