Mayor: Obama Stimulus May Not Help in Short-Term

Mayor Bloomberg is sounding a note of caution about President-elect Obama's proposed economic stimulus plan, saying it may not do enough to help those who need the money most. Obama laid out goals of doubling the production of alternative energy over three years, updating most federal buildings to improve energy efficiency, making medical records electronic, expanding broadband networks and updating schools and universities. But Bloomberg told Fox News those jobs may not do enough in the short-term:

BLOOMBERG: Some of those projects take an awful long time to do, and the president-elect has to find ways to get people who are being laid off today jobs, and they're not people who can work in construction, they've got other sets of skills.

REPORTER: Bloomberg says the incoming president has a "difficult balancing act" to perform when it comes to the economy.