President Barack Obama urged Congress Wednesday to act on small business legislation and called for a 10 percent income tax credit for firms who create new jobs or increase wages.
Obama held a meeting with local small business owners Wednesday at Italian deli and market Taylor Gourmet in the Washington, D.C. area, according to a White House news release.
The president called for passage of proposed legislation that would provide a 10 percent income tax credit for firms that create new jobs or increase wages in 2012 and extends 100 percent expensing in 2012 for all businesses.
The White House claimed the proposal is in contrast to House Republican proposal that could actually discourage hiring and new investments this year.
The proposed legislation is part of Obama's "To Do List" he sent to Congress last week.
"The economy is recovering, but we've still got a long way to go," Obama said at the small business roundtable. "Too many folks are still out of work. We've got some headwinds, the situation in Europe, and still a difficult housing market."
"And so we want to sustain momentum," he added. "And one of the ways that we can sustain momentum is for Congress to take some actions right now -- even though it's election season, even though there's gridlock, even though there's partisanship -- take some actions right now that would really make a difference."
Following the event, Obama returned to the White House to meet with Congressional leaders and discussed acting on the economic agenda he laid out in his list.
The meeting included House Speaker John Boehner, R-Ohio, Senate Majority Leader Harry Reid, D-Nev., House Democratic Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Mitch McConnell, R-Ken.
In addition, the White House said the National Economic Council will release a report Wednesday that measures the Obama administration's efforts to help small businesses.
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