Mr. Obama proposed tonight taking $30 billion of the money Wall Street banks have repaid and using it to help community banks extend credit to small businesses.
"Enough with the borrowing and spending," House Minority Leader Eric Cantor (R-Va.) said about the proposal on CBSNews.com's Webcast. "We owe that money to the taxpayers."
Senate Democratic Whip Dick Durbin (D-Ill.) said it was hypocritical for Republicans to oppose the program while pushing for more assistance for small businesses.
Democrats, he said, "rose and cheered" at the president's plan. By contrast, he said, "I looked to the Republican side of the aisle, and they were all sitting on their hands... If you believe in small business, for goodness sakes, give them the lifeblood they need."
Durbin also commended the president's proposal to cut tax breaks for companies that ship jobs overseas.
"Those are two fundamental things we should all agree on," he said.
Cantor responded that this proposal amounted to "protectionist policies."
"Those words sound nice, but we know what they mean," he said.
Watch the video above, along with more analysis on the speech from CBS News chief Washington correspondent Bob Schieffer and senior political correspondent Jeff Greenfield. Or you click here for the full Webcast.
More Coverage of Obama's State of the Union:
Obama Vows to Fight for Jobs
Full Text of Obama's Speech
Bob McDonnell: The Government Is "Trying to Do Too Much"
Poll: 83% of Viewers Approve of Obama's Plans
Obama Upbeat as He Seeks to Reset Presidency
Obama Priorities Revealed in State of the Union Speech
Dem, GOP Leaders Spar Over Obama's Community Banks Plan
Full Video of Obama's State of the Union
Katie Couric's Webcast: Analysis and Interviews
Analysis: Bob Schieffer and Jeff Greenfield
Special Report: Obama's 2010 State of the Union