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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 announces new jobs push AFP - Wednesday, December 9 Send IM Story Print US President Barack Obama at the White House in Washington. Obama will Tuesday sketch new ideas for creating jobs in the unemployment-scarred economy, amid signs of tempered optimism in the White House after a brutal economic year. WASHINGTON (AFP) - – President Barack Obama will Tuesday lay out three new approaches to battling the US jobs crisis, in a major speech intended to ensure employment returns along with slowly building economic growth. But Obama, saddled with huge government deficits which rule out lavish spending to get millions of people back to work, will warn that there is "no silver bullet" available to trim 10 percent unemployment, an official said. In his speech at the Brookings Institution think-tank in Washington, Obama will announce a set of steps to help small businesses grow and hire new staff, and lay out rebates for homeowners who make their dwellings energy efficient. He will also announce a boost for spending on infrastructure to modernize highways, railways, bridges and airports which will require the creation of new jobs, the official said on condition of anonymity. Obama is also expected to say he is looking at the possibility of using at least some of the unspent or repaid funds from a financial industry bailout to make it easier for small businesses to create jobs. But critics say that unused Troubled Asset Relief Program (TARP) funds should be funneled toward a deficit of well over a trillion dollars, and rules governing the bailout could restrict its use in a different guise. "We dont think there is one silver bullet, one plan, one speech or a singular piece of legislation that alone will solve double digit unemployment," an administration official said on condition of anonymity. "The presidents speech does not represent the totality of our plans for continued economic recovery." Christina Romer, who chairs Obama's Council of Economic advisors, ruled out the use of TARP money to directly fund infrastructure spending, and told ABC that any investment would be as part of a "fiscally responsible program." After a brutal year, the White House is allowing itself tempered optimism on the economy, encouraged by data showing slow growth returning, and the rise in job losses slowing to a crawl. "Our biggest challenge now is making sure that job growth matches up with economic growth," Obama said on Monday. "We have had a very tough year, and we've lost millions of jobs," Obama said, noting that his first job on taking office in the teeth of the crippling financial crisis had been to stave off a Great Depression-style slump. "At least now, we are moving in the right direction." But saddled with a huge budget deficit, Obama is also warning that those hoping for a second stimulus-style plan, or costly government spending to create jobs, will be disappointed. Obama made clear at a White House jobs summit last week that the private sector would have to be the engine for job creation, though he promised a set of limited government measures to promote job growth. Using TARP funds could be an elegant way of defusing some of the popular outrage over finance firms bailed out by the government which now appear set to award top executives huge bonuses, while ordinary Americans suffer. White House spokesman Robert Gibbs said Monday that Obama wanted to send a clear sign that he cared about high unemployment and wanted to reduce joblessness. "What message does that send to Main Street? Help is on the way -- it sends the message that your economic vitality is just as important as anybody that lives or works or breathes on Wall Street," Gibbs said. The White House argues that a 787 billion dollar economic stimulus plan passed early this year has likely saved or created a million jobs, and prevented an even worse unemployment crisis. It has also been buoyed by the economy's return to growth of a revised 2.8 percent in the third quarter. Obama also got a political boost from news last week that unemployment had dipped slightly in November, to 10 percent, and the number of new jobs lost fell to 11,000. With an eye on the 2010 Congressional mid-term elections in November, Obama will try to set his own narrative on job creation and the economy, before opposition Republicans do it for him. "The 'jobs speech' President Obama really needs to give is the one he won't," said John Boehner, the top Republican in the House of Representatives on Monday, branding Democratic plans on health care and cutting greenhouse gas emissions as "job killing." Treasury sources said that the government now expects to get back all but 42 billion dollars of the 370 billion dollars that it lent to troubled US firms since the financial crisis began last year. Recommend Send IM Story Print News Search Top Stories Fitch downgrades Greek sovereign, bank debt Ohio to execute inmate with single drug Greek ratings blow seen raising prospect of crisis budget Obama announces new jobs push Haggling begins at UN climate talks More Top Stories » Related Full Coverage Obama's PresidencyWhat change will Obama bring? 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