Last week, the country got some surprising news when the unemployment rate dropped slightly to 10 percent from a 26 year high the previous month. The news came a day after President Obama called some of the best and brightest minds in the country to the White House for a summit to discuss ways to create jobs and stimulate the economy. Tuesday, he announced one plan to help do that, saying he plans to give small businesses billions in tax incentives. Our Mike Whittemore has the details.

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"It's so important we help struggling small businesses stay open," said President Barak Obama.

Tuesday, President Obama said he has just the plan to get millions of people back to work. The president wants give small businesses tax breaks, as well as other incentives and new access to credit so they'll have easier access to loans. He says he'll do this in part by using $200 billion left over from last year's $700 billion bank bailout known as TARP.

"Building on the tax cuts in the recovery act, we're proposing a complete elimination of capital gains taxes on small business investment along with an extension of write-offs to encourage small businesses to expand in the coming year," Obama said.

President Obama's proposal is welcome news to some state officials, who just a week ago issued a report to Governor Paterson that recommends ways to stabilize small businesses in New York. Part of their plan includes some of the same ideas the president has proposed such as more access to capital, as well as cutting bureaucratic red tape and improve access to state money and programs.

"It really is the corner stores, the computer sellers, it is the modern restaurants, and roadside repair shops, it's the startup companies and the upstart entrepreneurs," Governor David Paterson said last week. "We're going to have to reinvest and re-enhance the opportunities for many of these companies."

Other parts of the president's plan to create jobs includes more money for infrastructure projects as well as rebates to consumers who make their homes more energy efficient.

Although many republicans are calling the use of these TARP funds just another bailout. House Minority Leader John Boehner called the plan another failed stimulus and says those funds should instead be used to reduce the deficit.