Video: Proposal could cost $150 billion

  1. Closed captioning of: Proposal could cost $150 billion

    >>> president. "night new begins now.

    >>> good evening. it's become painfully obvious, unemployment is about 10% in this country. it's the economic indicator more americans feel personally, acutely and painfully. even though there are signs of a slow recovery, jobs always lag behind. jobs have become a big political issue for this white house . the president came at it again today with his plan. it's where we begin tonight with our white house correspondent savannah guthrie . good evening.

    >> reporter: good evening, brian. they don't like to use this word around here, but this amounts to a second stimulus. not as expensive as the first one, but expensive. by some estimates, at least $150 billion, the latest effort to do something about jobs. addressing the economy at a washinon think tank today, the president assumed a somber tone, taking pains to demonstrate he feels the pain of the unemployed.

    >> sometimes it's hard to bak out of the bubble here in washington and remind ourselves that behind these statistics are people's lives, their capacity to do right by tear families.

    >> reporter: politically vulnerable as unemployment remains in double budgets, the president addressed jobs five times in the last week. today, a new round of proposals. tax breaks for small businesses , including a one-year elimination of the tax on capital gains ,nd a tax cut for small businesses that hire. more spending, approximately $50 billion on infrastructure projects. and tax incentives for americans who make their homes more energy efficient . the administration wants to extend unemployment and health care benefits for thejobless. the president didot put a price tag on hisroposals today, but some in congress estimate a cost of at least $150 billion.

    >> those who claim we have to choose between paying down our deficits on the one hand and investing in job creation and economic growth on the other. this is a false choice .

    >> reporter: so where will the money come from? the administration says the $700 billion fund to stabilize the financial system , the t.a.r.p. program, wasn't as expensive as projected. the government will lose $200 billion less than it orinally thought. some of that money will be spent to help small businesses . something republicans were quick to criticize.

    >> the idea of taking this money and spending it is repulsive.

    >> reporter: well, the truth is the administration is planning to do a little bit of both. some of the t.a.r.p. money, that bailout money that never got spent will go back t government coffers and likely be used to fund some of these job initiatives. as for the money wall street pays back, likely $240 billion in the end, that will be used to pay down the deficit.

    >> savannah guthrie on the north

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