Double Digits

" 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 889 point 910 point -- that is they wow. Number that came out today I'm -- in this country you can see this chart steadily rising basically from the beginning of the recession. Back in December of 2007. That you remember in February of this year without the 787. Mill billion excuse me -- stimulus package. And that's so far has yet to curb this line. At a government says that 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. Did he sits on the House Budget Committee congressman good to have you with us today your reaction to this really jaw dropping number tonight."

" Well first of all our our hearts go out to the victims families at Fort Hood that that this is this news this morning. Ten point two I think it's much higher than anybody was anticipating. And it's it shows you we lose we're told that if we didn't pass his stimulus bill back in February that unemployment might go as high as 8%. One now it's at ten point 2% so this is a difficult time for our for our country. And -- 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 pulled it back in a look at ways that we can help businesses. These something to give back no running."

" You know you you raise a great point because you do have to look at the situation say. Maybe you're not going about it the right way. Made that we need to you know give tax credits to companies are hiring and that's an idea that -- senator Feingold was 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 it if anything at all your boy is your voice your message can get drilled. 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 of 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 as well as take a hold -- cap and trade which will have a devastating effect. If it ultimately goes through the -- and 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 as an unbelievable level one point four trillion dollars of spending. And you don't even though they healthcare deal we look at budgets and we looked -- issues in this country. My state of Mississippi -- the health care bill goes through it will push an 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 -- help 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. -- in light of this new number congressman -- thank you very much for being with us today he. I thank 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 it 24 hours its bid for President Obama. I haven't come out first and speak about this horrific situation that has happened at Fort Hood. And now to wake up to this number today ten point 2%. As congressman harper pointed out. When the stimulus package would put forth in February the idealist that it would stem unemployment from going over 8%. Now we're at ten point 2%. On unemployment and it raises a lot of questions about the direction -- were taking here's to 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 welcome good to have you with us today. What's your reaction to this number and what do you think needs to be done to to turn the tide here."

" Well -- all of us are concerned about the unemployment numbers. As much as economists tell us to predict this could still is. Heartfelt Roloson. That Americans families who are struggling to make ends meet of course we took action yesterday. To make sure that unemployment compensation is extended by -- for those who have yet to via the find jobs. And and many of us we also understand -- economists Mobil said its rich history. And then chairman of the Fed have all confirmed that it did not take an action when we did early this year things we've been far."

" Car wheels tires on my head you know they have more work to do you write more to do it I knew it when you look at the situation. Were heading what we're not going about this correctly and indeed you look at the remaining money as I just spoke about congressman harper. And say maybe we need to give -- no tax credits for jobs hired. Maybe we need to make sure that the banks aren't lending to small businesses even if it means maybe big you know the government backing up those plans to small businesses that they can start investing. And hiring more people is they're changing in direction that might be along any of those lines."

" Look -- that a change in direction but that certainly is the conversation we're having is what will we can do to make sure that our small businesses. Can. Survive this really difficult recession we're in. And of course on the money that isn't bank's action gets out and is lent to those guys and having access rally at that added I'm not here are happening so what we do about that. Well that is what we're trying to what more we can do to put. To get our banks. And to get that money out the door and whether we have to take more action on the part directly of government -- seen. Some of those that TARP funds to take him being we paid. That's a good thing and -- being repaid with interest we're looking at how we might feel the redirect those those dollars and time as well and of course pushing banks to make sure that that. Money is coming up and away and landing. We are looking at job tax credits we wanna do and we want you really what I do what works and we want to make sure that absolutely actually does actually. Make a difference and does this make us all feel better that it's not going to be. Well way with can be useful to our eyes Packers and it is very little also also say that -- don't -- health care is gonna help small businesses as well."

" Well that's going to be a question -- is very much resent survey question the weekend I have there's a big vote. This weekend but a lot of people are gonna wanna know how in the paper that in light of everything else has been going out the door and it's it's a good day it will very important to not a question to have thousands Schwartz congressman thank you very much."