December 7th, 2009
01:00 PM ET
4 years ago

President Obama to propose $200 billion for jobs creation

Washington (CNN) - President Obama will propose using $200 billion from the Troubled Asset Relief Program (TARP) to support creating jobs, White House officials confirmed Monda

The president, in an economic speech before the Brookings Institution on Tuesday, will argue that the money would be well spent by funding projects to build bridges and roads, weatherize homes, and provide other assistance for small businesses as well as the unemployed.

Congress in October 2008 authorized President George W. Bush's plan for $700 billion for TARP to bail out the nation's largest banks and financial institutions. But the banks have been repaying their loans faster than
expected, so the government finds itself with untapped TARP money that it potentially could use for other domestic programs.

Congress is split over whether this is a good idea, with many Republicans preferring to use the bailout money to reduce the federal deficit.

In a blog previewing the president's speech, White House Communications Director Dan Pfeiffer said, "We don't think there is one silver bullet, one plan, one speech or a singular piece of legislation that alone will solve double digit unemployment. And the president's speech will not represent the totality of our plans for continued economic recovery."

Filed under: President Obama • TARP
soundoff (46 Responses)
  1. Jerry

    Giving money to all of his union buddies is doing nothing for America,

    December 7, 2009 01:01 pm at 1:01 pm |
  2. Mike Syracuse, NY

    Isn't this what the failed stimulus was supposed to do? How about cancelling all those democratic pork projects buried in the stimulus and use that money to create jobs? So far each job created by the stimulus has cost over $200,000 because of all the non-job related spending.

    December 7, 2009 01:04 pm at 1:04 pm |
  3. sensible cape Coral Fl

    I would much rather see the unused TARP money go to job creation instead of bonuses for a bunch of selfish CEOs

    December 7, 2009 01:05 pm at 1:05 pm |
  4. Chris M.

    Take 200 thousand million dollars out of businesses for job creation?
    Here is a hint, if you LEAVE IT THERE it will do more and faster...

    December 7, 2009 01:06 pm at 1:06 pm |
  5. Johnny DC

    Any way for this administration to claim an agenda victory...

    The public frowns upon bailout talks and the wasteful spending of our taxpayer-funded money, so now the President renames it to "reallocating TARP funds" and we're supposed to applaud with glee.

    Call it what you want – it will still be mismanaged and will only lead to more wasteful spending that benefits politically-motivated recipients.

    December 7, 2009 01:06 pm at 1:06 pm |
  6. Caesar the Great

    How about proposing this, quit spending my money!!!!

    December 7, 2009 01:06 pm at 1:06 pm |
  7. SocialismBad

    Is there no end to this insanity???!!! WASTING HUNDREDS OF BILLIONS MORE???? If the first TRILLION dollars wasn't enough, what is this going to do? It is clear that Obama and the Democrats don't have a CLUE about economics and job creation. They are a greater danger to this country than Osama bin Laden.

    December 7, 2009 01:06 pm at 1:06 pm |
  8. Carlos

    Heh, I have a feeling this was planned long before this piece of interesting news came out. Genius...

    December 7, 2009 01:07 pm at 1:07 pm |
  9. sensible cape Coral Fl

    I think that the unused TARP money should definitely be used for job creation. In case anyone forgets – IT IS OUR MONEY.

    December 7, 2009 01:13 pm at 1:13 pm |
  10. Enough

    What a crock of crap! Why not pay down the enormous deficit they are creating, since they cannot create jobs. Wasn't the pork filled stimulus supposed to keep unemployment below 8%........Oops, that didn't work, let's spend another 200 billion and see if that works.......what a bunch of out of touch losers the Democrats are. The key to recovery is getting the private sector moving know those evil capitalists who provide jobs and create more taxpayers.

    December 7, 2009 01:15 pm at 1:15 pm |
  11. single mom

    Where is this money coming from? Is it money already allocated and not spent? If so, then put the entire amount into paying off the deficit. Or fixing the highways and bridges. There! You get two birds with that stone – jobs and much needed repairs.

    December 7, 2009 01:15 pm at 1:15 pm |
  12. A True Centrist

    Another $200 billion...great. The government has been so successful creating jobs, this is bound to be a great success.

    Honestly, when will Democrats learn that the private sector creates jobs while the government creates waste? When will Republicans learn that the American worker needs to be protected and afforded the opportunity to work? Both sides of the aisle need to wake up!!

    December 7, 2009 01:17 pm at 1:17 pm |
  13. New Age Independent

    $800 BILLION in the SPEND-U-LOSE plan didn't create many jobs, why should we trust the Dems with another $200 BILLION?

    December 7, 2009 01:18 pm at 1:18 pm |
  14. JP

    So what was the the 787 billion stimulus for. Use it to reduce the amout your kids will have to pay China.

    December 7, 2009 01:19 pm at 1:19 pm |
  15. R

    The republicans would say to use the TARP for reducing the deficit, their speding spree, versus the Obama administration for useing it for small business and the unemployed (us little people). You repubs have been trying to court the small business all this time only to say now they are not more important to help instead of their out of control spending the last 8 years.

    December 7, 2009 01:22 pm at 1:22 pm |
  16. $200 Billion Pork Dinner Being Served

    Obama has lost it. Our community organizer is going to bankrupt this country before he finishes his first and only term.

    TARP was not created to give away as welfare, unemployment, or union paybacks. Enough!

    December 7, 2009 01:22 pm at 1:22 pm |
  17. Rick

    Wasn't the first $787 billion supposed to do this? Is this man on glue? Giving more money to the government sector (for more roads and bridges) will do nothing to create substantial permanent jobs. We are living in dark times with a man who is completely lost how to manage a free market economy. The guy is clueless.

    December 7, 2009 01:29 pm at 1:29 pm |
  18. Val in MA

    Lame. That's what he said he was going to do with the stimulus money. Where are those jobs, Mr. President, that you promised to create with the billions in stimulus? Mr. President, admit you don't have a clue what you are doing when it comes to economy – you will do yourself a huge favor. Otherwise, you are perceived as fraud.

    December 7, 2009 01:29 pm at 1:29 pm |
  19. J

    Either option is a good one.

    December 7, 2009 01:30 pm at 1:30 pm |
  20. MatthewDetroit

    The Dems are a bunch of liars...

    They said that is what the stimulus was going to do. The EXACT words.

    But they lied and spent the money on wasteful programs like researching hookers who drink and gay men that are violent....
    Whey do they waste money...

    Or they give a chunk to ACORN... NO MORE SPENDING.

    December 7, 2009 01:30 pm at 1:30 pm |
  21. Dave

    Investing in our infastructure is critical in helping to bring America out of this recession. The economic ripple effect that it will have on our economy will be seen and felt by main street as well as wall street.
    The return of investment from such a much needed infastructure investment, will continue to pay off for America and Americans for many years to come after job completions. $200 billion, we should start with $400 billion as estimates for the much needed infastructure rebuild and modifications exceed $1 Trillion. Let our government enable Americans to do what we do best, inovate and build.

    December 7, 2009 01:31 pm at 1:31 pm |
  22. Ruty

    When is our government going to realize we won't get jobs until we stop shipping our jobs overseas? I tried in 8 different stores to buy a pair of shoes made in America . . I finally found one–SAS. The rest of this town only had shoes made in other countries. READ the labels people--- IF IT ISN'T MADE IN AMERICA–DON'T BUY IT. HOW CAN OUR COUNTRY PROSPER IF WE DON'T MAKE ANYTHING. ? It took me weeks to find a store that had an area rug made in America. I ha ve stopped buying other peoples "stuff" until ALL Americans get a job.

    December 7, 2009 01:36 pm at 1:36 pm |
  23. Shellie on the plains.

    I hope this helps the rural communities as well. It's looking bleak and hopeless in Colorado.

    December 7, 2009 01:36 pm at 1:36 pm |
  24. bill

    Here we go again, Obama needs to learn the government doesn't create jobs. This man has the most backwards policies.

    So called healthcare reform = TAX
    Cap and Trade = TAX

    Now ask yourself would you open a small businesses in this country.

    December 7, 2009 01:37 pm at 1:37 pm |
  25. Kyle

    voters need to remember that George W. and his Republican thugs put us where we are today. President Obabma inheritied a heap of messes!

    December 7, 2009 01:38 pm at 1:38 pm |
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