Obama: Washington Has 'Stopped The Bleeding'

FAIRFAX, Va. (AP) -- Less than two months before the midterm elections, President Barack Obama is imploring voters to support his party's economic policies, even though he acknowledged that those policies haven't brought about a recovery fast enough for many Americans.

"We stopped the bleeding, stabilized the economy, but the fact of the matter is the pace of improvement has not been where it needs to be," Obama said during a backyard town hall in a wooded, middle class neighborhood in Northern Virginia.

Obama said that additional economic measures -- including the package of infrastructure investments and business tax incentives he proposed last week -- would help accelerate growth in the short-term, while also paving the way for more sustained medium- to long-term growth. The proposals would require congressional approval, an unknown prospect given Washington's highly partisan atmosphere.

Obama also called on the Senate to pass a small business bill that has languished on Capitol Hill. The legislation calls for about $12 billion in tax breaks for small businesses and includes a $30 billion fund to encourage banks to lend to small business.

Obama spoke at the home of John Nicholas and Nicole Armstrong, who saw their retirement and college savings for their two children suffer during the economic downturn. Nicole recently decided to go back to work as a part-time administrator at a local preschool in order to increase their income.

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