Reuters

Former Minnesota Gov. Tim Pawlenty will propose significant reductions in the corporate and individual tax rates Tuesday while calling for deep spending cuts that could see the federal government abandon its role delivering the mail or backstopping home loans.

The proposals are part of an economic plan Mr. Pawlenty will unveil later today in remarks at the University of Chicago. The plan, according to excerpts provided by Mr. Pawlenty’s campaign, is tailored to the business community and fiscal conservatives as he seeks the Republican presidential nomination, but its impact on the deficit is unclear, given the potential drop in tax revenue…