U.S. Senate Candidate Marco Rubio and President Barack Obama. Obama Photo Credit: Pete Souza, The Obama-Biden Transition Project

President Barack Obama defended his administration’s handling of the economy on Friday and took aim at Republicans for standing in the way -- prompting return fire from the newest Republican star in the Sunshine State.

Obama's news conference covered a number of topics including honoring 9/11, the Mideast peace process and Pastor Terry Jones of Gainesville and his plan to burn Qurans. But, as the nation continues to struggle, the economy was the chief topic. With the Republicans hoping to capture the U.S. House from the Democrats and looking to pick up some seats in the U.S. Senate, politics was also front and center.

Obama defended the stimulus package his administration backed in 2009 -- and continued his call for an additional $50 billion in spending in transportation to create jobs.

"No doubt everything we try to do is to stimulate growth and hiring," said Obama, defending the increased federal spending backed by his administration. "Isn't that what I should be doing? I assume that is what the Republicans think we should be doing.”

Obama admitted that the recovery is going slowly -- and his party is bearing the brunt of Americans’ frustrations.

"For all the progress we've made, we're not there yet,” said Obama. “And that means people are frustrated and why people are angry.

“Because I am president, and the Democrats have control of the House and Senate, it's understandable that people are saying, 'What have you done?"' added Obama.

Obama blasted the Republicans for standing against his administration’s proposals, though he added that he inherited the poor economy from former President George W. Bush.

Former House Speaker Marco Rubio, the Republican candidate in the Florida U.S. Senate race, fired back at Obama Friday afternoon.

“Our overriding priority is to create jobs in Florida and across our nation,” said Rubio. “The president and Congress should be working to keep, rather than raise, existing tax rates. While making the (research and development) tax credit permanent and allowing businesses to immediately write off capital expenditures are ideas that should have been adopted long ago, we must all be concerned about Washington’s inability to break the habit of wanting more failed government spending sprees and refusing to confront the real challenges facing job creators in America.

Rubio took aim at spending on Obama’s watch -- and criticized the president’s new spending proposal. He also called for the extension of tax cuts backed by Bush.

“More stimulus spending will empower Washington politicians to pick the winners in our economy, while the rest of us will lose and foot the bill for more reckless spending,” insisted Rubio. “It is alarming and, frankly, fiscally irresponsible of President Obama to call for even more stimulus spending, while we still have a chance to stop what’s left of the failed $800 billion stimulus. What American entrepreneurs and workers need right away is for Washington to get serious about its out-of-control spending and eliminate the uncertainty surrounding the 2001 and 2003 tax rates that are set to expire on Jan. 1.”

Rubio called again for a freeze in federal spending.