This is a rush transcript from "Your World," June 14, 2012. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST OF "YOUR WORLD": President Obama today delivering that economic speech in the same exact spot, as the governor pointed out, where Bill Clinton delivered a campaign speech two years ago.
Now, at the time, the former president was saying this-- "We found a big hole we did not dig. We didn't get it filled in 21 months, but at least we quit digging. Give us two more years. If it doesn't work, vote us out."
Now the present president is asking for more time.
And Ohio Democratic Congressman Dennis Kucinich says he deserves it.
Congressman, good to have you.
REP. DENNIS KUCINICH, D-OHIO: Good to be here with you.
CAVUTO: You know, the oddity is, truth be told, he didn't stop digging. Right? He kept digging.
KUCINICH: Well, let's look at where we are at right now.
We have a level of unemployment that is unacceptable. We have got to get America back to work. And we can't rely on the banks to save us. Government is going to have to spend money to prime the pump of the economy.
CAVUTO: Why? If it hasn't worked, why?
KUCINICH: Well, wait a minute. We haven't really done it in sufficient numbers.
CAVUTO: We just had an $800 billion stimulus. If you include rescues and revamps for industries --
CAVUTO: So, if $1.3 trillion didn't do it, then are you saying you have just got to double down?
KUCINICH: Not all of it went to create infrastructure jobs.
We have got to double down to create infrastructure jobs. This is why I have proposed that the government take back the authority that it gave to the Fed 100 years ago and be able to invest in our economy and create millions of jobs putting America back to work.
Why should we have to borrow money from China to rebuild America? Why should we have to borrow money from banks, when banks basically are holding on to money that the Fed is giving them?
CAVUTO: Well, when you have more stimulus, Congressman, as you know, you are borrowing, because we don't have the money. You are just printing it, which effectively means we are getting it from China, to do this very thing you are saying, with very limited results.
KUCINICH: No, no, no, no, no.
KUCINICH: No, this is -- I am talking about a different monetary policy which creates the money debt-free. We have the power to do that. It's constitutionally based...
CAVUTO: You would take the money away from the Fed, and the money that they get, you would put itto your hands, Congress' hands, and that they would spend this money, driving us deeper into debt, financed in the end by the same China you are worried about now?
KUCINICH: Neil, no.
Look at the Constitution of the United States, Article I, Section 8. This is time for a -- this is a teachable moment, because under the Constitution, Congress has the power to coin or create money. That is in the Constitution. That's what the founders wanted.
The Fed appropriated that 100 years ago. What I am saying is, if we want to rebuild America's economy, let's not wait for the banks to save us. Let's reclaim the essential power that government has. And then you can lower taxes. And the only reason you need taxation...
CAVUTO: You know what, Congressman, I'm going to go so far as to give you that. I don't care where you're getting the money. I just don't want to pour good money after bad. I don't want to get the same results just doubling down.
I think that the reality is that, with all the stimulus, with all our efforts, with all the good intentions, we have a squat to show for it. We're dealing with an 8.2 percent unemployment rate. You can talk about some of the jobs created over this time, but you and I both know that job momentum has slowed.
KUCINICH: You're right.
CAVUTO: We're seeing retail sales in reverse. We're seeing factory orders in reverse...
KUCINICH: You're right. You're right.
CAVUTO: ... and the very real threat of a recession now, and now you are telling me the only way out of it is to do what we did before, but put it on steroids. I don't think so.
KUCINICH: No, no, no, no, no, no. I'm not saying -- we have to do it in sufficient details. We need something on the scale of a new WPA. We need to rebuild America's infrastructure. That's an investment for business, as well, I might add.
There's millions of people could be put back to work.