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U.S. President Barack Obama is taking a break from the campaign trail Friday, while his Republican challenger Mitt Romney makes what his aides say is a major economic address.

A campaign spokesperson says Mr. Romney's speech in the so-called swing state of Iowa is the candidate's "closing argument" and will highlight differences in economic policy with the president.

Mr. Obama, who is coming off a 40-hour campaign blitz across the country, is spending most of Friday at the White House, where he will participate in several media interviews.

Polls have showed that the presidential race is virtually tied as the campaign enters its final stages before the November 6 election.