Double Digits

" And back -- our other big alert today the US unemployment rate has now broken double digits. It rose to the highest point in more than 26. Years hitting ten point 2% in the month of October -- member. I analysts were looking for nine point eight -- nine point 910 point two that is -- wow. Number that came out today I'm -- in this country you can see this chart steadily rising basically since the beginning of the recession. Back in December of 2007. That you remember in February of this year without the 787. -- billion excuse me dollar stimulus package. And that's so far has yet to curb this line. At a government says -- so far more than a hundred billion dollars of the stimulus. Has gone to trying to save or create jobs but how that's measured is by no means clear yet joining me now is congressman Greg harper. He is Republican. -- sits on the House Budget Committee congressman good to have you with us today your reaction to this really dot dropping number tonight."

" Well first of all our our hearts go out to the victims families it Fort Hood that but this is this news this morning. A ten point two I think it's much higher than anybody was anticipating. And it's it shows you we we're we're told that if we didn't pass his stimulus bill back in February that unemployment might go with -- 8%. One now it's a ten point 2% so this is a difficult time for our for our country. And it's of these these numbers were very disturbing. It might be a good idea to say okay this stimulus money that hasn't been committed or spent. Maybe we need to -- back in a look at ways that we can help businesses. These something to get back -- running."

" You know you you raise a great point because you do have to look at the situation say. Maybe we're not going about it the right way. -- we need to you know give tax credits that companies are hiring and that's an idea that just senator Feingold -- putting forth this morning. You know what ways do you think that you can have an ample and sign your committee. In how that money gets spent if if anything at all your boy is your voice your message gonna get -- I'm perhaps changing gears here."

" Well obviously with the economy being the main issue here and -- jobs and lack of jobs in this country. Maybe this isn't the best time in the in the world to be talking about. A government takeover of health -- which we know is going to. Ultimately cost more money and more jobs is will -- take a hold -- cap and trade which will have a devastating effect. If it ultimately goes through -- and it -- comes back for passage. So let's not make the problem any worse than what it is. And at the heart of this is the deficit spending which is -- an unbelievable level one point four trillion dollars of spending. And you don't even though the health -- deal we look it budgets and we look at issues in this country. My state of Mississippi it the health care bill goes through it will push in unfunded mandate. To the state of Mississippi alone in the amount of about 200 million dollars each year on average for the next ten years -- however you simply can't afford to do that."

" Congressman you you raise a question that many of them actually that are going to be very closely examined. I in light of this new number congressman -- thank you very much for being with us today he. I -- as you probably just on the bottom of your screen on the crawl there the president. Very shortly is going to come out speak about these unemployment numbers you know what -- what -- 24 hours it's -- for President Obama. Having to come out first -- speak about this horrific situation that has happened at Fort -- And now to wake up to this number today ten point 2%. As congress and harper pointed out. When the stimulus package would put forth in February the idea was that it would stem unemployment from going over 8% I now -- ten point 2%. On unemployment and it raises a lot of questions about the direction -- taking here's -- joining me now is democratic congresswoman. Allyson Schwartz a Pennsylvania she is the vice chair of the House Budget Committee says she is it very closely aligned with. -- budget issue congresswoman welcomed the good to have you with us today. What your reaction to this number and what do you think -- to be done to to turn the tide here."

" all of us are concerned about the unemployment numbers. As much as economists tell us to predict this it -- is. -- That Americans families who are struggling to make ends meet of course we took action yesterday. To make sure that unemployment compensation is extended -- for those who have yet to via the find jobs and."