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reporter: he wasn t campaigning for deficit deal. the word super committee never crossed his lips. instead he pushed congress to vote for key part of his jobs bill. payroll tax cut extension. on a day the gross domestic product was revised downward. the government saying the economy grew at a rate of 2% from july to september. sharply lower than the initial estimate of 2.5. in the spirit of thanksgiving, we are going to give them another chance. next week, they are going to get to take a simple vote. if they vote no again, the typical family taxes will go up $1,000 next year. reporter: the problem is the president does not have the 179 billion needed to fund the tax cut. which expires next month. there is no money in the wake of the super committee failure to agree on spending cuts. while the panel specifically deadlocked over raising taxes on the rich, the president today claimed that is how he ....
Austerity measures. now what? i think we averted another disaster. i mean, i think that s what the outcome in greece means this week, but the problem is just far from solved, so i think there will be a sigh of relief when the financial markets open on monday. basically this means that so far it looks like this bailout plan for greece will continue to go through as everybody sort of hopes it does, but we ve just gotten so used to the idea that every time there seems to be some breakthrough that shortly afterward there s some kind of backsliding and some other problem. we can certainly get used to that. more things can go wrong in greece, and they re not even the real problem. they re not the biggest problem. italy is a bigger problem. all sorts of things have not been dealt with there. in connection with greece, they ll get the $179 billion in the bailout, but here s a thought. unless they do these austerity measures and do a real structural change in the way they do business, as so ....
Austerity measures. now what? i think we averted another disaster. i mean, i think that s what the outcome in greece means this week, but the problem is just far from solved, so i think there will be a sigh of relief when the financial markets open on monday. basically this means that so far it looks like this bailout plan for greece will continue to go through as everybody sort of hopes it does, but we ve just gotten so used to the idea that every time there seems to be some breakthrough that shortly afterward there s some kind of backsliding and some other problem. we can certainly get used to that. more things can go wrong in greece, and they re not even the real problem. they re not the biggest problem. italy is a bigger problem. all sorts of things have not been dealt with there. in connection with greece, they ll get the $179 billion in the bailout, but here s a thought. unless they do these austerity measures and do a real structural change in the way they do business, as so ....
Will get stimulus money to be fixed. you can stop wondering now. josh tells me the decision it s done. all made. out of the vice president s office today we heard this. when we hear from viewers they ask, what about the roads near me? they hear about $862 million in stimulus. most of which are not most of it s benefits. things with shovels, right. we have a break-down for you. the vast majority of this has not been spent. $862 billion total. and you have a hundred something going to tax cuts and $179 billion paid to projects, but $31 billion on specific projects. this is what s happened today. the vice president says he s in charge. right. he comes out and says every single state has now, as of today, decided every road project it s going to do. there is no more hedging, ....
Is not for projects, majority goes to tax cuts, benefits, unemployment, social security. so you have $119 billion in tax cuts that have gone through and $179 billion that have been paid out to all sorts of different projects, including when you hear about the shovel-ready projects like a road near you, a total of $31 billion in projects. talking about less than half, the total amount of money spent so far. so still big picture, the vast majority of that money has yet to be paid out. the government says, you know what? it s going to start pretty soon this spring and summer, you ll see more projects near you guys. which has been really frustrating for a lot of people. because this was supposed to be this emergency funding thing. and to create jobs, josh. and you and i have talked about this before. i ve been to a lot of these projects. i m not seeing any jobs really created. some maybe saved. and again, it depends how you define it. and this is where things get tricky. the administra ....