Obama Promises New Economic Proposals Next Week

In the wake of a new jobs report showing increased unemployment, President Obama today said the steps his administration has taken to improve the economy are working, but not fast enough. He called on Congress to pass a small business bill and said he would announce next week a broader set of ideas to accelerate job creation.

"There are certain steps that we know will will advance our recovery," Mr. Obama said. "If we're wililng to put partisanship aside and be the leaders the American people need us to be... we'll rebuild America's eoncomy stronger than it's been before."

The Labor Department reported today that the unemployment rate rose from 9.5 percent in July to 9.6 percent in August. Companies added a net total of 67,000 new jobs last month, but unemployment nevertheless increased for the first time in four months because more people entered the market looking for work.

The new jobs added mark the eighth consecutive month of private sector job growth, Mr. Obama said.

"That's positive news, and it reflects the steps we've already taken to break the backs of this recession," he said.

He said, however, that more needs to be done to create jobs and invest in areas of the economy that have potential for growth. After Congress returns from its summer recess, its "first order of business" should be passing a long-languishing small business aid package that would accelerate $55 billion in tax cuts for businesses and eliminate cap gains taxes on businesses.

The president emphasized the bill is budget-neutral and hammered Republicans for opposing it. GOP opposition has created a "needless delay" that has caused businesses to put off spending and hiring, he said.

Mr. Obama maintained that there are "better days ahead," and he will give more details in the next week about the administration's plans to get there. He will deliver remarks about the economy in Wisconsin and Ohio next week, and on Friday, he will hold a press conference at the White House.

The Washington Post is reporting the White House is considering a package of business tax breaks to spur hiring and counter the Republican campaign message that Democratic tax policies hurt small businesses.

The White House, however, is insisting it has no plans for a "big new stimulus plan," perhaps simply indicating the White House wants to avoid associating its new plans with its first "stimulus" package.