Also in this playlist...
This transcript is automatically generated
Washington because financial regulatory reform is -- -- only -- hot topic inside deal beltway work on a jobs bill also hitting hurdles.
Even among some of those in the same political party.
Jim McKay is the Washington editor for -- and joins us now also from.
I'd be a lot going on NBC we really should move Wall Street down -- Jim tell us about.
The jobs bill and you have some sources saying that Max Baucus just simply isn't trusted even in his own party anymore.
Yes you know what happened was that senator Max Baucus a Democrat and senator Chuck Grassley a Republican.
And two other senators.
Worked on a bipartisan jobs bill was warning some titles -- government as a big basket of fruit with torn to pieces of food.
Well senator baucus.
Produced a bipartisan health plan that had maybe a hundred pieces of fruit and there were a lot of land and -- And it's one reason that the president's health care bill is dead because you know the the public.
It was just so turned off by the backroom dealings and and and -- North Dakota and deal.
And the Louisiana deal.
So now here comes senator baucus with this jobs bill with all this fruit and that Harry Reid the democratic leader in the -- -- Hey I'm not gonna go down that road again and that and I have this build destroy it like that health care bill was because it probably contains -- I'm going to take four piece of fruit out of it.
Now he was very an elegant when he did this he should have come out just told the public I don't trust Max Baucus anymore.
But it's given the Republicans.
Cover to do nothing.
Because you know they think they can say look the president asked for bipartisanship.
And then Harry Reid they've -- leading Democrat in the senate.
Just through our dole out without any debate you know he said he's only going to handle.
Four pieces of legislation.
Here's one other part of the story that hasn't been told yet one of the four pieces of the job bill.
He is a tax break of Social Security tax break for businesses that hire new people.
That is opposed by Nancy Pelosi the democratic guest speaker of the house and so in essence.
The jobs bill isn't going to go anywhere.
-- it the Democrats are in danger of showing the American public that they cannot govern at all even with a narrow majority.
-- many of the Democratic Party and on the liberal side of the media suggested that the Democrats.
Need to forgo the -- and use this stick a little more do you see that happening.
No because most of the diversions we see -- -- within their own party and so.
Are you gonna beat yourself with the stack and and you know you what you'll you have -- warfare are all ready and it was just exacerbate the problem.
You know but legislation.
It's just not the Republicans that are blocking legislation.
Democrats are strangling the legislation -- themselves.
One more thing about a jobs bill it has to be done early this year to be effective in -- house and intent.
If this debate drags out any longer by the time they get past it will be too late to have an effect so -- did total waste a mind.
But it's nice to call it from a marketing perspective Jim a jobs bill.
Is there any indication that more spending is simply -- to end up with more jobs.
Most economists say that we may need more spending.
To get to really have government hire people.
To it and give them jobs -- so that they have money that can create demand on main street.
But the economists say wait until the end of April because let's not forget that the second half of the 787.
Billion dollar stimulus.
From last year.
Kicks in this year.
And we should -- begin to see results.
By the end of April.
You know the economists say don't waste a whole lot of money you let's see if you need it first.
But it but it if jobs are not created if if people were not shopping and creating demand on main street we probably will need -- employment package.
You know we've got a segment of 1 o'clock eastern time hour gym about a 119 million of that stimulus money is going to weight loss and smoking cessation of -- lines I'm serious.
-- how that two point eight million dollars to set up hotlines.
To counsel people.
On how to lose weight not maybe that maybe that's a noble goal but it's programs like that.
Which lead a bad taste in people's -- right I mean is there any indication that the stimulus money a second half of it.
Is going to be re -- may be spent differently.
I know I mean it's already been -- -- you know and it was supposed to go to shovel a lot of it was supposed to go to shovel ready.
Well the only thing that shovel ready as snow on the East Coast.
And by the way mother nature smarter than congress because I did more to put people work and put money in their pocket than the 787.
Billion stimulus bill.
I mean you really need.
To give especially in the construction industry where there's -- 22%.
Unemployment rate you have to put those guys back to work.
If you want retailers.
And -- -- yours and everybody and start making money again.
And so the government probably has to hire these guys to do -- Eisenhower did you know fix our interstate highways or something along those lines is that gonna happen.
Not what we get a few more weight loss hotline.
If we see more weight loss we're gonna have a double dip recession.
I'm not talking about ice cream -- here.
I mean and then you know it's -- -- just I could create enough jobs to sustain this recovery.
Jim -- Washington editor for -- -- a pleasure as always.
Filter by section