This is a rush transcript from "Your World With Neil Cavuto," February 10, 2010. This copy may not be in its final form and may be updated.
ERIC BOLLING, GUEST HOST: All right, the president's jobs plan creating some friction between the president and Nancy Pelosi, House speaker expressing skepticism about the president's plan in a closed-door meeting at the White House -- Pelosi reportedly saying she's not sure giving tax breaks to businesses to hire workers would actually create jobs.
So, whose side is my next guest on? With us now is Democratic Congressman David Scott from Georgia.
Thank you, sir. Thank you for joining us.
What about it? I'm looking at this jobs bill. I actually read it today, believe it or not, 300 -- and I think it was -- 72 pages. I downloaded it. I started reading it.
Boy, I got to tell you, legalese. I didn't see a lot of numbers, but are you in favor of a jobs bill?
REP. DAVID SCOTT D-GA.: Well, I am. I mean, we have got to move to create jobs.
I think it's important for us to understand that there are about three or four -- there's maybe three ways of being able to stimulate the economy. One is through the tax cuts or government spending, or with the Fed manipulating the interest rates. Well, we can't do that now with the Fed, because that's at zero.
So, what are we left with is spending or tax cuts. I think strategic tax cuts are very important. Historically, they have always worked. I am particularly fond of the tax cuts that I'm working with in the Schumer-Hatch bill. I think...
BOLLING: Representative, let me stop you there. I'm sorry, sir. I just have to stop you there.
There's -- it's an $85 billion to $100 billion jobs bill. No one seems to know exactly how much this thing is going to be worth.
BOLLING: It counts on $50 billion, $50 billion of tax loopholes closed, so it could be up to a $150 billion stimulus plan or jobs plan.
But there are things in it like $35 billion extending unemployment benefits. I'm not sure how you are going to create a job there.
BOLLING: There are so many earmarks in this bill, it really doesn't look like a jobs bill. It looks like a stimulus bill.
SCOTT: Well, I think what you have to look at is when we look at it as a whole. I have not had the pleasure of looking at it yet. It is in the Senate, and it is moving.
But this much, I do know. I am very much strongly supportive of and am working with Senator Schumer and Senator Hatch. I think, if the public take a look at what we're doing with this bipartisan bill, this is the best way of creating jobs, because it's targeted and it is immediate. What that bill will do will be to cut the tax cuts...
BOLLING: Sir, you haven't had a chance to read it, but I will just read a couple.
BOLLING: Indian employment tax credits, election to expense mine safety equipment, extension of ambulance use.
BOLLING: These things aren't jobs creators. And, frankly, if you go to the president's own Web site, the recovery.gov, you go there, there's still $500 billion of unspent stimulus, that a lot of these things in this new jobs bill might actually be paid for with that $500 billion. Might not be a bad idea. Just use some of that $500 billion on the books sitting there.
SCOTT: I think so. And I think that what this is, is a plan being put forward.
But let me just mention, please, if I may, because I think that this is important, this tax cut, which I support, for small -- for all employers who will hire the unemployed. They will be able to get their payroll tax of 6.5 percent on that salary that goes to Social Security disclaimed.
That means that if you hire somebody at $40,000, that's $2,500 that's coming right back into the business. Plus, it's hiring a person, not only hiring a person, but hiring a person who is unemployed. I think that that is the kind of strategic cut we need.
BOLLING: Representative -- Representative, House -- but House Speaker -- House Speaker Pelosi just said, I don't think that's going to work.
Cutting taxes or tax breaks for businesses, she doesn't think it's going to create jobs. So, if that's not going to create jobs, where are the jobs going to be created? There's -- there could be $100 billion to $150 billion of pork in this.
SCOTT: Well, that will create jobs. Tax cuts will create -- and that targeted tax cut will.
I think Speaker Pelosi may be talking about a general application of tax credits that are not tied specifically to it. But if you're going to give an employer -- and you're going to say, if you hire this unemployed person here who has been unemployed, we're going to cut your payroll taxes immediately, and do it during the year, that's front-loading.
BOLLING: All right.
SCOTT: That means he gets that money then and he hires then. I mean, that's a strategic thing that we can do. But the point of the matter is...
BOLLING: Representative, we're going to have to leave it there, sir. I apologize. But, sir, you're -- you're in disagreement with House Speaker Pelosi on this one.
SCOTT: Well, let's -- let's, Eric, don't say that I'm in disagreement with my speaker. We haven't even had a chance to discuss it yet.
I do agree with the Schumer-Hatch bill, and I'm working with that bill. And I have faith in that bill, that it will work.
BOLLING: All right.
SCOTT: And I plan to discuss that with the speaker. And I think she will agree.