Obama touts latest unemployment report in weekly address

President Obama continued to tout Friday's unexpected drop in the unemployment rate over the weekend, calling on Congress to back policies he said would keep the economy "moving forward."

In his weekly address, Obama highlighted three proposals — on taxes, home mortgages, and jobs for veterans — that he urged Congress to endorse.

"Too many of our friends and neighbors are still looking for work or struggling to pay the bills — many of them since long before this crisis hit," Obama said Saturday. "We owe it to them to keep moving forward."

Obama's address comes a day after the Bureau of Labor Statistics reported that the unemployment rate fell last month to 7.8 percent from 8.1 percent.

The unexpected drop puts the unemployment rate below the level when Obama took office — something he was quick to note on Saturday.

But the good news still follows the president's lackluster performance in Thursday night's debate, where Mitt Romney shone by comparison.

Obama did not mention the debate in his address, instead turning the focus to a Congress dominated by Republicans he said are "trying to refight the battles of the past few years."

"Two years ago, we put in place tougher, commonsense rules of the road for Wall Street to make sure that this kind of crisis we've been fighting back from never happens again," Obama said.

"But for some reason, some Republicans in Congress are still waging an all-out battle to delay, defund and dismantle these commonsense new rules."

Obama highlighted three policies Congress should adopt, including a new jobs corps for veterans, a way for homeowners to refinance at lower interest rates and a guarantee that most Americans and small businesses see no tax increases in 2013.

"Republicans in Congress are standing in the way," he said, noting GOP opposition to proposals that would raise revenues.

"They're holding tax cuts for 98 percent of Americans hostage until we pass tax cuts for the wealthiest two percent of Americans."

On Friday, Romney acknowledged the decrease in unemployment, but argued that Obama's policies are making the recovery slower than it should be.

"It looks like unemployment is getting better," the GOP presidential nominee said at a rally in southern Virginia.

"But the truth is that if the same share of people were looking for jobs now as they were when the president took office, the unemployment rate would be 11 percent."