Obama's Job Creation Plan a Second Stimulus?

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WASHINGTON -- Ten months after signing the $787 billion stimulus package, President Obama is redirecting his focus on jobs.

He says he has a plan to put Americans back to work. But his plan could come too, little too late.

First it was the bailout for Wall Street. Now it's the bailout for Main Street.

Leading Democrats in Washington want to tap into unused money from the $700 billion bank bailout fund to fuel the creation of new American jobs.

"Our biggest challenge now is making sure that job growth matches up with economic growth," the president said.

Click play for more on the job creation plan with Patrick Creighton of the Institute for Energy Research.

Some of the ideas include freeing up much-needed credit for small businesses, new construction projects and tax rebates for people who weatherize their homes.

Republicans are not on board with the blueprint that is being laid out.

"For this president or this Democratic Congress to proposing using TARP funds for anything other than deficit reduction is simply a violation of the law," said Rep. Mike Pence R-Ind.

Tuesday's announcement comes at a critical time for the president. His overall job approval rating has sunk to 47 percent, which is a new low.

Fifty-three percent of those polled do not approve of his handling of the economy.

With unemployment setting at 10 percent going into a midterm election year, Democrats want to get in sync with the number one public concern -- jobs.

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CBN News
John Jessup

John Jessup

CBN News Anchor

John Jessup serves as the main news anchor for CBN, a position he assumed after 10 years reporting for the network in Washington, D.C. His work in broadcast news has earned him several awards in reporting, producing, and coordinating elections coverage. Follow John on Twitter @JohnCBNNews and "like" him at Facebook.com/John.V.Jessup.