• This is a rush transcript from "Your World With Neil Cavuto," February 5, 2010. This copy may not be in its final form and may be updated.

    STUART VARNEY, GUEST HOST: Fair and balanced, a Democrat now who says stimulus is working and today's jobless rate proves it.

    Michigan Democrat Congresswoman Carolyn Kilpatrick joins us now.

    Congresswoman, thank you so much for joining us. We appreciate you being with us.

    REP. CAROLYN KILPATRICK D-MICH.: Good to be with you. Thank you for having me.

    VARNEY: Now, you got $220 million from the stimulus plan. And that went towards funding to address the negative effects of abandonment and foreclosures in parts of Michigan. So, I guess you could say that the stimulus plan worked for you, right?

    KILPATRICK: You know, that's horrible, how you put that, but let me just say the stimulus plan is working. We have got a long way to go.

    Much of the money has been obligated. Now much of the money is being spent. We have a lot of work to do here in our country, unemployment, all of that.

    (CROSSTALK)

    VARNEY: I wasn't being inaccurate.

    (CROSSTALK)

    KILPATRICK: No, no, no, no, I'm going speak to that.

    (CROSSTALK)

    VARNEY: You did get $220 million.

    KILPATRICK: We got over $220 million for 12 cities in Michigan...

    VARNEY: Yes.

    KILPATRICK: ... through a HUD grant that would help distressed cities in their land banking, bringing land together, cleaning it, redeveloping it, helping in some foreclosures, helping in demolishing some buildings that need to come down.

    That was one of the grants that we got.

    VARNEY: OK.

    KILPATRICK: We also got, along with other cities across this country, stimulus dollars to keep policemen on the job, to help teachers and their schools, to help build things.

    VARNEY: So...

    KILPATRICK: There was also an $8,000 tax cut for new homebuyers.

    VARNEY: Yes, but...

    KILPATRICK: There was also a tax cut for 95 percent of middle America, who got a tax cut last year.

    VARNEY: But, in January, a million people dropped out of the work force. We lost another 20,000 jobs, lost over three-and-a-half million since that stimulus plan was passed. It's very difficult to call that a success for the country as a whole.

    KILPATRICK: You know, there's a lot of things. And I agree we have got a long way to go. I will be the first to say that.

    I'm from Michigan. Chrysler and General Motors went bankrupt, which caused a lot of effect all over this country. So, it's not — can't be just a stimulus. We have got to come together as Democrats and Republicans, as business and laypeople, as mayors and governors, and come together and figure it out together.

    I don't think the stimulus package is the panacea for all. There are too many things wrong, health care, housing, education, jobs, two wars. So, we have to consider all of that, as policy-makers, but, certainly, the whole country does, too. The stimulus package is only one thing.

    VARNEY: So, you're saying we — so, you're saying we need more government spending; we need another stimulus package, right?

    KILPATRICK: No, I think — absolutely not.

    VARNEY: No? No more government spending?

    KILPATRICK: Absolutely not. No, I don't think we need a — no, we definitely — we have to weigh that. The stimulus package also gave — or right before that $800 billion, we gave $800 billion to the banks. Much of it has been returned. Thirty billion of that now is going to into community development financial institutions...

    (CROSSTALK)

    VARNEY: But I repeat the question, do we not...

    (CROSSTALK)

    VARNEY: You want to freeze spending? You don't want another stimulus plan?

    (CROSSTALK)

    KILPATRICK: Why don't you let me finish? You asked me the question. I just want to respond.

    Right now, $800 — $787 billion, to be exact — that went to the banks is being returned. Thirty billion of that, a good portion of that, just this week, Secretary Geithner — and I was with him — announced money to our community development financial institutions, who will lend some of those dollars, millions of dollars, to small business, that will stimulate small business.

    I heard your previous speaker. And, certainly, he has a right to do all that. And I share in some of his concerns. We don't know what's going to happen. What I'm telling you is, not just the stimulus package, but we have to get together as private and public, private citizens, public citizens, private government.