Obama touts 7.8% jobless rate

USATODAY

President Obama touted the new and lower unemployment rate today, using the occasion to pressure congressional Republicans into passing his jobs program.

"Republicans in Congress need to stop trying to re-fight the battles of the past few years, and finally start doing something to actually help the middle class get ahead," Obama said in his Saturday radio address.

He spoke a day after the Labor Department reported that the unemployment rate had dropped from 8.1% to 7.8%.

Election opponent Mitt Romney and other Republicans said 7.8% remains a high rate, and that Obama's plans to raise taxes on Americans who make more than $250,000 annually will further slow the economy.

"As Friday's jobs report shows, America still desperately needs jobs," said Republican Party chairman Reince Priebus in the GOP radio address."Yet the president's central and sole proposal would mean fewer jobs."

In the presidential address, Obama said the new unemployment rate is a sign that, four years after the worst economic meltdown since the Great Depression, "we're moving forward again." He cited 5.2 million new jobs during the past two-and-a-half years.

Obama credited in part new financial regulations and consumer protections, yet protested that congressional Republicans want to "dismantle these common sense new rules."

Instead, he said, Republicans should work on a jobs plan that includes new rules to help owners re-finance their homes, and creation of "a veterans jobs corps."

Obama also called on Congress to deal with pending expiration of the George W. Bush tax cuts; he wants to extend most of those rates, but eliminate them for people making more than $250,000 annually.

"They're holding tax cuts for 98% of Americans hostage until we pass tax cuts for the wealthiest 2% of Americans," Obama said of the Republicans. "Ask them how that helps the middle class."

In the Republican address, Priebus said any tax hike would hurt jobs.

Priebus also cited this week's presidential debate, saying Romney bested Obama.

"It was painfully clear during the debate that President Obama has no new ideas to fix the economy," Priebus said. "His only plan for a second term is a tax increase so large it would destroy over 700,000 jobs."