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Following up on his State of the Union pledge to work with the GOP, Obama will address House Republicans Friday in Baltimore, where lawmakers are holding their annual retreat. He'll also tour a small business in the same city and announce a new job-creation proposal. The 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. No company could reap more than $500,000 from the combined benefits, one of several features meant to tailor the program more to small businesses than to large corporations. Startup companies could receive half that amount. Existing companies could not close down and then reopen under a new name and receive any benefits, White House officials said Thursday. The program, which needs congressional approval, would end on Dec. 31, and carries an estimated cost of $33 billion. Administration officials proposed funding it with money repaid to the government from the 2008-09 bank bailout program. The Social Security system would not lose any revenue under the plan, administration officials said. The House rejected a similar proposal last month, although Senate Democrats have warmed to the idea lately. House Republicans, meanwhile, hinted they would have questions about the effectiveness of Obama's plan.
[Associated
Press;
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