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Thought you're in but what happens when we see interest rates go up? because they're going to go up sometime when we start seeing inflation come into the economy based on all the stimulus put in. what happens to the housing market then? >> absolutely. you point to a critical thing here. we have very, very low mortgage rates. a couple weeks ago the 30-year fixed-rate mortgage fell to the lowest level we have on record, below 4%. the difficulty is in qualifying. the difficulty is, people who might enter the housing market aren't necessarily getting jobs to make that transition but, as you point ...

We're the epicenter of the foreclosure crisis. highest unemployment in the country and we have a very narrowly-based economy and to lesser extent construction. guess what? there is no construction anymore. jon: so when the president gets on stage as he is doing right now in north carolina and says that jobs bill is, you know, going to be the cure or at least the beginning of the cure for everything, how is that playing in nevada and what do you expect to hear the candidates say about it, the guys who want to replace him? >> well, first on the president, the president is did very well here in 2...

night. it's still being crafted as we speak. some of the pieces are coming into focus tonight. so is the bottom line, which is growing from earlier estimates. that's certainly welcome news for democrats who say the president's been too timid and the economy need a big dose of medici medicine. at the same time the larger the price tag the tougher it may be to get through congress. even though the white house says it will offset the cost of a jobs plan with savings elsewhere in the budget. chief whos correspondent jesse allen has been working her sources. what is the latest? what's goi...

Outlook? >> i don't know. and i've been critical of budgets under the -- and the -- and the games that can be played here, but i'm the nerd, i've crunched away, guys, and i would be wearing a green hat but it won't fit high head and i'm telling you you this is tax increases, the long and short of it. it's not that bad, it's a percentage of the gdp, these deficits are okay, we've got to keep in mind and remind folks back home, the decifit piles on to the debt, if you're behind 1.3 trillion in a given year in the decifit, that adds to the debt and now the percentage of our debt, all that we owe ...

To get people back to work. we are not going to save our way out of this recession. we have got to spend our way out of this recession. and i think most economists know that. jane: congressman, i'm going play a sound bite as we call it from senator judd gregg who was on with bill hemmer a little earlier this morning, talking about the spending he sees in this proposal. take a listen if you will and if we can get you to comment. >> it's fiscal insanity, to continue to grow the government the way we're growing it, continue to spend the way we're spending, continue to raise the debt the way we're...