(BEGIN VIDEO CLIP)

ROBERT NABORS, OFFICE OF MANAGEMENT AND BUDGET: We have obligated $57 billion.

REP. JEFF FLAKE, (R) ARIZONA: $57 billion, and you say 150,000 jobs have been created. That's some $380,000 per job, where the goal was $92,000 per job.

NABORS: I think that there is a discrepancy of $57 billion to date. I would have to go back and look at when the job creation number was actually calculated.

REP. DAN BURTON, (R) INDIANA: How can you square blowing all this money when it's not creating jobs?

(END VIDEO CLIP)

BAIER: Some of the debate in the committee hearing today about the first stimulus package. The Government Accountability Office reporting that the vast majority of stimulus money spent of the 10 percent that has been spent of the $787 billion so far has been spent on Medicaid and also protecting teachers' jobs.

What about the first stimulus package, and talk about a second? We're back with the panel. Mara, you are shaking your head, no way.

LIASSON: There is not going to be a second stimulus package. There just isn't.

Now, there is some liberal economists and some Democrats in Congress who say there should be one. But the public doesn't want one, because it's really concerned about the deficits. It doesn't want more spending. It wants more jobs, that is for sure.

And there is no appetite in Congress, whose agenda is completely overloaded by the White House for doing that.

Now, as to defending the current stimulus project, that's a real difficult thing for the administration to do because, number one, they said they were going to spend this money very quickly.

Well, only about 14 percent of it has been spent. Unemployment is going up. It is now at 9.5 percent. And don't forget, the administration issued a report in January where its best economists said if we pass the stimulus, we can keep unemployment to 8 percent by this point. And they have been wrong.

And the vice president, you know, had the guts to say we misread the economy, like many other people did. He said that on Sunday, and of course, now everybody has had to walk it back and say no, no, that wasn't true.

But it's really hard. The big critique of the stimulus plan originally was it wasn't stimulative enough. It was packed full of stuff that had nothing to do with creating jobs. Here we have it.

BAIER: I don't know how many stories we did about the stimulus package.

LIASSON: And here we have it.

LIASSON: The GAO says half the money for road and bridge repairs is being used for repaving instead, and most of the infrastructure projects won't get underway until next year - Steve?

HAYES: It's hard to imagine that a bill that spent so much money with so little oversight is actually being misspent. It's really hard for me to figure out how that would happen.

Look, this is a moment where Republicans should be standing with megaphones on every step of the Capitol saying we told you so. This is exactly what we predicted was going to happen, and it is now happening.

And we remember that the mantra at the time was it is not timely, it is not targeted, and it's not stimulative. Well, it's not, and it hasn't been.

The big question I think now for Republicans is how do they best shine the light on the fact that there are Democrats, an increasing number of Democrats who are uncomfortable defending this, because we're seeing all these stories about misspent money. We're seeing it hasn't been stimulative. The job numbers are awful.

Joe Biden is trying to say they misread the economy. It's nice, sort of breath of fresh air, it's Joe Biden candor, but it's also preposterous. They were saying at the time, remember, President Obama was saying and then candidate Obama was saying this is the worst recession since the Great Depression.

So it is a total rewriting of history.

BAIER: So Jeff, the president has to say that he is not taking anything off the table to feel sympathetic, empathetic with the unemployed out there as unemployment rises. But there's no chance of a second stimulus package?

BIRNBAUM: No. There are not the votes in Congress to pass it. There is no stomach in the White House to suggest it, because they know that there aren't enough votes.

I think the president has reason to worry, because he - there is not much he can do here, and yet his poll numbers going down. His job approval rating, when looking at economic matters, are declining because he promised stimulation, and all he has is rising unemployment that he admits will be 10 percent, and experts believe could go as high as 11 percent by the end of the year.

BAIER: Mara, you are so convinced there won't be a second stimulus package. However, if unemployment continues to rise, what does this administration do?

LIASSON: Extend unemployment insurance.

BAIER: And not call it a stimulus?

LIASSON: And not call it a stimulus.

BIRNBAUM: Right, exactly.

HAYES: Well, the other thing they could do, and I don't expect them to do this. They could actually adopt some Republican proposals and do things like cutting taxes, take certain tax-cutting measures that would make Republicans potentially take ownership of some of this, which Democrats would love.

BAIER: But the likelihood of Democrats in this Congress taking Republican ideas -

BIRNBAUM: It hasn't happened. This has been bipartisanship promised and none delivered. And I think that would be the case here.

LIASSON: If they get to the point where they have to do something and they have extended unemployment insurance, and there is no more spending available to them politically, maybe they will do tax cuts.