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President Obama, Republicans, Spar Over Job Creation

US President Barack Obama delivers his weekly address, 06 Feb 2010

U.S. President Barack Obama and congressional Republicans sparred Saturday over the issue of job creation in the wake a new report showing a slight drop in unemployment.

In his weekly address, President Obama noted the figures released Friday showed the unemployment rate in the U.S. fell below 10 percent for the first time in months, but he said it is still unacceptably high.

The president has suggested taking $30 billion from the U.S. Treasury Department's Troubled Asset Relief Program (TARP) - designed to bail out investment firms - and create a new fund designed to help promote the growth of small business across America.

Meanwhile, in their Saturday address, Republicans chastised the president for failing to deliver on jobs promised after already spending billions of taxpayer dollars.

Representative Jeb Hensarling questioned the president sending a budget to Congress this week that the representative from Texas says would increase spending, taxes and the national debt.

Democrats and Republicans are scheduled to begin debating a news jobs creation bill in Congress in the coming week.

Some information for this report was provided by AP.