Obama touts new tax credit for small business Face to face, Obama urges GOP to work with Dems

President Barack Obama says his administration has "stopped the flood of job losses," but much more needs to be done to help the millions of people still out of work. Appearing Friday at Chesapeake Machine Co. in Baltimore, Obama put in a pitch for legislation he is seeking from Congress to provide tax breaks for small businesses that hire additional workers. Obama said, "It's time to put Americans back to work." At the same, he said that "we've got a long way to go to make up for the millions of jobs lost this recession." He said a new report showing the economy grew at at annual rate of 5.7 percent in the last quarter an encouraging development. The president said he would take unpopular steps, if necessary, to get the economy going again. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. BALTIMORE (AP) — A key House Republican leader said the GOP expects President Barack Obama to do more listening than talking when he huddles privately with lawmakers Friday at a retreat in Baltimore. Obama wants to offer tax credits to companies that hire new workers, a plan that drew a cool reception from Congress last month despite the nation's double-digit unemployment rate. With polls showing that jobs are Americans' top priority, Obama cited the retooled plan in his State of the Union address, and he will add details Friday, when he visited a small business before speaking to the House Republicans. Obama's proposal would give companies a $5,000 tax credit for each net new worker they hire in 2010. Businesses that increase wages or hours for their existing workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay.