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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search ADVERTISEMENT Home Singapore Asia Pacific World Business Entertainment Sports Technology Obama in new push to end 'tragedy' of unemployment AFP - Wednesday, December 9 Send IM Story Print US President Barack Obama walks back into the Oval Office at the White House after speaking about the economy at the Brookings Institution in Washington, DC. Obama unveiled a new program designed to ignite jobs growth and fight the "human tragedy" of high unemployment, while vowing to control the exploding deficit. WASHINGTON (AFP) - – US President Barack Obama on Tuesday unveiled a new program designed to ignite jobs growth and fight the "human tragedy" of high unemployment, while vowing to control the exploding deficit. Obama rolled out a package of tax breaks, infrastructure investment and spending on energy efficiency intended to bite into the crisis which has seen millions of Americans thrown out of work and the jobless rate hit 10 percent. He also blamed Republicans for causing the worst economic crisis since the 1930s, as he made a clear attempt to define the battlefield on job creation and deficit reduction ahead of a crucial political year. "There are those who claim we have to choose between paying down our deficits on the one hand, and investing in job creation and economic growth on the other," Obama said in a speech at the Brookings Institution. "But this is a false choice," said Obama, who balanced a tone of stark truth-telling on the economy with controlled optimism over the slowing rise in new jobs lost and a moderate return to growth. Obama announced that he would wind down the unpopular Troubled Asset Relief Program (TARP) used to bailout Wall Street firms many people blamed for igniting the economic firestorm. S ome of the billions of dollars in funds would be diverted to job creation efforts, especially to free up frozen credit hampering the capacity of small businesses to expand and hire new workers. Some fiscal hawks propose using all unspent or repaid TARP money to pay down the deficit, but Obama argued the need was still acute for job creation. "Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood," Obama said. "There are more than seven million fewer Americans with jobs today than when this recession began. "That's a staggering figure and one that reflects not only the depths of the hole from which we must ascend, but also a continuing human tragedy," Obama said. He did not give details as to the cost of the likely jobs measures. But Steny Hoyer, the Democratic majority leader of the House of Representatives, said a jobs bill could cost as much as 150 billion dollars. "One hundred billion, 150 billion, 75 billion -- those are all figures that are being talked about, depending on what the component parts are," Hoyer said. "We need to do the jobs bill right. And we need to do it soon." But Obama also promised to use some of the 200 billion dollars in cost savings on TARP to rein in the deficit, forecast at 1.3 trillion dollars next year. "Even as we have had to spend our way out of this recession in the near term, we have begun to make the hard choices necessary to get our country on a more stable fiscal footing in the long run," Obama said. Renewing his pledge to cut the deficit he inherited in half by the end of his term in 2013, Obama blamed Republicans for causing the fiscal crisis. "These budget-busting tax cuts and spending programs were approved by many of the same people who are now waxing political about fiscal responsibility while opposing our efforts to reduce deficits by getting health care costs under control. Obama was clearly setting the stage for a tough fight over the economy, unemployment and the deficit, issues which look set to dominate the 2010 mid-term Congressional elections. Jobs bill could cost 75 to 150 billion dollars: US congressman But he balanced his tough talk on the economy and claims that his policies had staved off a depression with a more hopeful message reflecting cautious optimism over the economy from the White House, after a brutal year. "There will no doubt be difficult months ahead. But the storms of the past are receding. The skies are brightening. And the horizon is beckoning once more." Officials said he would encourage investment by small businesses by calling for a one-year elimination of tax on capital gains from new investments in small business stock. The administration will also seek the extension through 2010 of a provision allowing small businesses to expense up to 250,000 dollars of qualified investment. Obama promised to accelerate the rate at which businesses can cut the cost of capital expenditures and backed a tax cut to encourage hiring. Recommend Send IM Story Print News Search Top Stories US agency suggests Christmas gifts for the disaster age Greece under pressure to take budget action Obama in new push to end 'tragedy' of unemployment Ohio executes inmate with single drug US cancer rate declines: study More Top Stories » Related Full Coverage Obama's PresidencyWhat change will Obama bring? Will it affect the rest of us globally? 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