The President is pushing Congress to use $30 billion set aside to bail out Wall Street to start a new program that provides loans to small business, which the White House calls the engine for job growth.
In his weekly address, the President said even though the unemployment rate has dropped below 10-percent, “it is still unacceptably high -- and too many Americans still can’t find work.
Republicans have criticized the move to use the bailout money, arguing that any leftover cash should be used to reduce the budget deficit.
In the weekly GOP address, Rep. Jeb Hensarling of Texas chided the President for proposing a budget that would increase spending, taxes and the national debt.
Hensarling said, “Americans are still asking, ‘where are the jobs?’ but all they are getting from Washington is more spending, more taxes, more debt and more bailouts.”
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