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Obama Calls on Congress to Help Small Businesses

President Barack Obama speaks on an America built to last.
CNBC
President Barack Obama speaks on an America built to last.

President Barack Obama says Congress could help sustain the economy's "momentum" by passing legislation that would give businesses a 10 percent income tax credit if they create new jobs or increase wages this year.

Obama made his pitch during a roundtable discussion with small business leaders in Washington. The legislation is part of what Obama calls his "to-do" list for Congress. Obama says the action plan will help ensure that the economy doesn't "lose steam" at a time when people are starting to feel optimistic.

Later Wednesday, Obama made another push for his initiatives in a White House meeting with bipartisan congressional leaders. The president's action plan centers on a series of economic initiatives he has been pushing for months, none of which have previously gained traction in Congress.

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