president. "night new begins now.
good evening. it's become painfully obvious, unemployment is about 10% in this country. it's the
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
. the president came at it again today with his plan. it's where we begin tonight with our
. 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
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.
, including a one-year elimination of the tax on
that hire. more spending, approximately $50 billion on infrastructure projects. and
for americans who make their homes more
. the administration wants to extend unemployment and
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
on the other. this is a
reporter: so where will the money come from? the administration says the $700 billion fund to stabilize the
, 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
. 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
pays back, likely $240 billion in the end, that will be used to pay down the deficit.
on the north