December 7th, 2009
01:00 PM ET
6 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. Gorbashov - Long Beach, Ca.

    Great Idea!

    Take it from Wall Street and use it for Main Street!

    December 7, 2009 01:38 pm at 1:38 pm |
  2. RichP the Pocono's

    So we are going to spend another 200 BILLION on buying more shovels so we can dig ourselves a deeper hole, a very wise decision. Pardon me while I research what company in CHINA sells shovels to the US government so I can buy stock in it.

    December 7, 2009 01:42 pm at 1:42 pm |
  3. Bedtime for Obonzo

    Don't do it! Deficit reduction, unlike jobs, cannot heal itself. Put the taxpayers' money there.

    December 7, 2009 01:45 pm at 1:45 pm |
  4. Amazing

    Obama needs to go back to school to understand we have no money and he can't keep spending it. If there is money they think is left over, how about we pay down some of our sky rocketing deficit?

    December 7, 2009 01:45 pm at 1:45 pm |
  5. Pilotshark

    I say lets get it done.

    Why not use the money to help out thats what it was suppose to do.

    December 7, 2009 01:47 pm at 1:47 pm |
  6. Mitch

    Well, well, well....the GOP is caught in a trap. They first demanded that stimulus money be used to pay for tax breaks for small business, a move that would have meant spending. NOW they want the money to pay down the federal debt and NO tax breaks for small business.

    Another shining example of the party of NO.

    December 7, 2009 01:49 pm at 1:49 pm |
  7. Carlos

    That means he will "create" about a dozen or so new goverment jobs.

    December 7, 2009 01:50 pm at 1:50 pm |
  8. Bugl3t

    Great! Let's use it to create ALTERNATIVE ENERGY jobs – in solar and wind and build jobs while weaning ourselves off of foreign oil. Maybe then we can stop trying to be the world's police and get the hell out of the Middle East.

    Just think of all the money we'd have if A) we had no wars and B) we all bought American products made from American technology by American workers in American states.

    December 7, 2009 01:51 pm at 1:51 pm |
  9. Angela

    it is about time the focus turns to the employment problems here in the US and not around the world. we have HUGE opportunities to employ Americans, but companies are choosing Chinese made products instead. I think there should be incentives for large scale projects and products that are American made and not Chinese made be put in place so we can really get the economy moving. A country is doomed to FAIL if we import more than is either consumed domestically or exported. There are tremendous examples of this all around the world but we refuse to face the facts because we are misguided into thinking we are the "best" and nothing will destroy us. well take a look around – 10% UNEMPLOYMENT, banks not lending, chinese toys hurting our children.

    When are you people going to wake up? Tax ANYTHING that comes into the US EVEN IF the company is an American company. We MUST look after our workers. If the middle class is not spending money – then the rich who depend on the middle class to buy their goods will not be making as much money. When that happens, then you will see something happen because the rich have stopped making money.

    December 7, 2009 01:53 pm at 1:53 pm |
  10. Silence Dogoode

    How about this...since it is MY money you are spending, how about sending the $$$$ to legal US citizens who are not on welfare for a living....we will pay our bills, stimulate the economy much better that the idiots in DC.

    Obama you are NOT FDR. FDR actually made the depression worse with his out of control spending. Quit spending and printing $$$ we do not have.

    December 7, 2009 01:56 pm at 1:56 pm |
  11. Democrats = party of hate!

    Wait, I thought we already spent $787 BILLION to create jobs...

    December 7, 2009 02:08 pm at 2:08 pm |
  12. Truth-Bomb Thrower

    PURE STUPIDITY! A government cannot PURCHASE economic health and long-term job growth!! Only the PRIVATE SECTOR can do that! If it wasn't for Obama's 800 billion dollar spending orgy to payback his election contributors and bribe congress, unemployment would probably be three points lower and dropping like a rock. Obama took a relatively mild cyclical recession and managed to turn it into a full-fledged economic crisis. I'm really starting to wonder if the U.S. economy is going to survive three more years of this FISCAL INSANITY.

    December 7, 2009 02:10 pm at 2:10 pm |
  13. Hugo

    The idiot in Chief is in the process of cutting outsourced Government work to create Government jobs. Therefore, he will create new jobs funded by tax dollars to be taxed without ever creating COMMERCE. You know, a job for PROFIT to tax and create more long term employment opportunities. Watching all this is unbelievable, but when you figure these guys in DC many of whom have never hit a real lick at anything, it figures that this is how they think!

    December 7, 2009 02:14 pm at 2:14 pm |
  14. Anonymous

    What happened with the $700 billion that already went to jobs?

    Oh that's right, that was just payback for your support.

    December 7, 2009 02:18 pm at 2:18 pm |
  15. Nate

    Of course use the money to pay down the deficit. Of course no politician is ever going to voluntarily give back $200 billion once its spending has been authorized, but that is exactly what they need to do in this case!

    December 7, 2009 02:28 pm at 2:28 pm |
  16. shmeckel

    If you keep flooding the civil market with government spending you will virtually destroy that market when the federal money runs out. If you throw another 200 billion into the civil market on top of what was promised with the original stimulus, that is several percent of our GDP into one market at one time. The first couple of projects will go fine, but then you will run low on qualified help and will inflate the price of civil work. The money will eventually run out and the layoffs in the civil market will be record breaking.

    Same plan that did not work already. Get some new ideas, spend on different markets, and dare I say it, tax breaks for everyone, that way consumers can afford to spend and employers can afford to hire.

    December 7, 2009 02:31 pm at 2:31 pm |
  17. Dar

    This guy is a complete fool, you can't keep spending money you dont have. Our congress needs to step up and tell Odumbo to sit down and shup up. Our congress has to work together and fix what is broken before we keep making these huge mistakes. we can't afford them right now.

    Odumbo beleives that he can buy his way out of this and then when crap hits the fan after he is gone in 2012 everyone will blame the next president for having to raise taxes to pay for his MISTAKES.

    This guy is out of control and we the people need to tell him that.
    Speak up for Gods sake before it is to late.

    December 7, 2009 02:35 pm at 2:35 pm |
  18. Buck Wheat

    Wake up many times can this guy foo you? Are you guys relly that out of touch?

    December 7, 2009 02:36 pm at 2:36 pm |
  19. All the news that's fit to omit

    Will these be more PHONY jobs in PHONY districts Barry?

    Or will there also be MORE raises for union teachers and union hacks that were counted as jobs saved?

    ALL FACTS sheep, so save your stupidity.

    Nobody is getting a job except for union hole diggers and taechers are getting raises while the REST ogf us NON-UNION people that are paying for this GET NOTHING.

    One segment of the working populace has grown since the coward in chief took over, any ideas sheep????

    "Gubment workers" have grown and that is it.

    Congratulations sheep.

    December 7, 2009 02:41 pm at 2:41 pm |
  20. MR RIGHT

    They didnt get it right the first time why does anyone with even half a brain think they will get it right now. Fools and lemmings will follow these idots blindly and happily off the cliff.

    December 7, 2009 02:53 pm at 2:53 pm |
  21. U.S. Common Sense

    Why not spend that unused "stimulus" money first before committing an additional $200 Billion to the deficit?

    December 7, 2009 02:56 pm at 2:56 pm |
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