President Obama is not the only elected official who sees an opportunity to push a sweeping economic agenda as the country faces economic hardship.  

Senate Republicans unveiled their version of an economic recovery plan on March 2 in the face of record-breaking budget deficits and ahead of Gov. Jan Brewers' planned address later this week.

The plan calls for a four-legged approach that a senior lawmaker said would get Arizona back on track. It hews closely to the ideas of small government, less regulation and lower taxes. Meanwhile, it was rumored that Brewer will call for a special election to ask voters for a temporary tax increase.

Senate Republicans want to easing regulatory burdens, creating a stable tax structure, preventing "arbitrary" fee increases by the state's political subdivisions and getting the state government "out of the business of competing with business."

"We are trying to do more than just survive this (economic crunch)," said Sen. Pamela Gorman, the majority whip. "We want to thrive."

A clear departure from the direction Obama wants to take the nation, the Republicans' plan is based on the conservative view that getting government "out of the way" is the way to prosperity.

The plan's logic is that a healthy employer environment will lead to a healthy job market, which in turn will lead to a healthy economy, and therefore to a fiscally healthy state.

Gorman provided few concrete details of the Senate GOP-backed economic recovery plan. What is in the works is a piece of legislation that would set up a commission that would comb through state businesses and see areas that may be better run by the private sector. 

Gorman mentioned doing public private partnerships – and not just necessarily in the area of toll roads. She also mentioned potentially privatizing state-run mental hospitals, but making sure the contract is with a private entity or entities with a proven track record.

She cited Florida as one state that has successfully privatized its mental hospitals.

During the press briefing on March 2, Gorman reiterated her caucus' opposition to any tax increase.

"We would be directly opposed to the tax increase as has been rumored, but we haven't heard what her plan is," Gorman said in response to questions alluding to Brewer's supposed tax increase plan.

She would also be against a special election to ask voters for a temporary tax increase because special elections are expensive, she said.

What the Republicans ultimately want to do is lure in jobs to Arizona.

Indeed, lawmakers have stepped efforts in the last few weeks to highlight the fact California has decided to raise its taxes and that Arizona, which has not, is a good destination for business.  

"What we are trying to say is we've heard from employers what they need," Gorman said. "They are not asking a lot. They are not asking for handouts. What they are asking for is a stable tax structure and low regulatory requirements."

What about the repeal of the $250-million state equalization tax?

"My understanding," Gorman said, "is that that bill would be considered part of an economic recovery plan."

-Reporter Jeremy Duda contributed to this report