This paper proposes a mechanism for equation-based congestion control for unicast traffic. Most best-effort traffic in the current Internet is well-served by the dominant transport protocol, TCP. However, traffic such as best-effort unicast streaming multimedia could find use for a TCP-friendly congestion control mechanism that refrains from reducing the sending rate in half in response to a single packet drop. With our mechanism, the sender explicitly adjusts its sending rate as a function of the measured rate of loss events, where a loss event consists of one or more packets dropped within a single round-trip time. We use both simulations and experiments over the Internet to explore performance. We consider equation-based congestion control a promising avenue of development for congestion control of multicast traffic, and so an additional motivation for this work is to lay a sound basis for the further development of multicast congestion control.