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OBAMA: But -- just to finish the point, if people have better ideas on certain provisions, if they say, you know, this is going to work better than that, then we welcome that. And so we're going to have a collaborative, consultative process with Congress over the next few days.

But what we can't do is get involved in the typical partisan wrangling or pet project, you know, bartering that takes place.

STEPHANOPOULOS: Well, that's what I wanted to ask you about, because like one of the signature proposals already is this Museum of Organized Crime out in Las Vegas. I had Mitch McConnell out on the show last week and he ridiculed it, saying that, you know, this is an example of the kind of pork we don't want.

Yet its advocates say, wait a second, it's a construction project, it's ready to go, it's going to create jobs. Is that the kind of project that you want to fund or not?

OBAMA: Well, let's be clear, that was a project that was proposed as part of the mayors' project. The country's mayors put together -- here are a range of projects we can do, we didn't include that.

STEPHANOPOULOS: But would you want to fund it or not?

OBAMA: Well, I think that what we have to do is evaluate whether or not these are projects that, as I said, are going to provide long-term benefits to the economy. You know, I would prefer spending money on things like making sure that all federal buildings are energy efficient so the taxpayers are saving money over the long-term.

I want to make sure that on health care we are creating the infrastructure that can make our health care more -- system more efficient. So, you know, we want to spend the money wisely. We want to spend it prudently.

In a package of this magnitude, will there end up being certain projects that potentially don't meet that criteria of helping on health care, energy, or education? Certainly.

But what we don't want is this thing to be a Christmas tree loaded up with a whole bunch of pet projects that people have for their local communities.

STEPHANOPOULOS: I've heard that -- and your meetings on Capitol Hill, the one thing you've been most focused on is get this done now.

OBAMA: Yes.

STEPHANOPOULOS: It has to be done...

OBAMA: Right.

STEPHANOPOULOS: & Presidents Day weekend.

OBAMA: Right.

STEPHANOPOULOS: What happens if it's not?

OBAMA: Well, you know, then Congress was going to hear from me. And I was pleased to hear Nancy Pelosi say that if we don't get it done by the Presidents Day recess, we won't have a Presidents Day recess.

STEPHANOPOULOS: But what's your fear?

OBAMA: Well, the concern is that in a non-emergency situation, Congress exercises all sorts of prerogatives. They've got all sorts of procedures. Everybody wants to be heard. And I'm respectful of that. I'm coming from the United States Senate. I understand why that is important.

And, you know, one of the things that we're trying to set a tone of is that, you know, Congress is a co-equal branch of government. We're not trying to jam anything down people's throats.

Here's what we know though, that the sooner a recovery and reinvestment package is in place, the sooner we can start turning the economy around. We can't afford three, four, five, six more months where we're losing half a million jobs per month.

And the estimates are that if we don't do anything, we could see 4 million jobs lost this year.

STEPHANOPOULOS: Another part of that is the financial rescue package.

OBAMA: Right.

STEPHANOPOULOS: Do you want President Bush to request that second $350 billion? And how do you want that spent differently from the first?

OBAMA: Well, I started off with the premise, when this crisis first arose, that we have to keep our financial system stable, and we have to maintain the flow of credit to businesses and families.

OBAMA: Gitmo Likely Won't Close in First 100 Days WATCH: Obama on Economy, 'Grand Bargain' Obama Defends Tax Cuts in Stimulus Plan America's Economy Full Coverage That's as important as what's happening in terms of consumer spending or business investment, because if companies can't make payroll, people get laid off. If a guy can't borrow for a car loan, that affects not only him, but the car dealer and the car manufacturer.

So keeping flow of credit is critical. And we had to do something last fall. I, like many, are disappointed with how the whole TARP process has unfolded. There hasn't been enough oversight. We found out this week in a report that we are not tracking where this money is going.

I think that when you look at how we have handled the home foreclosure situation and whether we've done enough in terms of helping families on the ground who may have lost their homes because they lost their jobs or because they got sick, we haven't done enough there. So&

STEPHANOPOULOS: Congressman Frank says he wants $50 billion of the new money to go just to that.

OBAMA: Well, so here's what we have done. What I've done is asked my team to come together, come up with a set of principles around how we are going to maintain transparency, what are we going to do in terms of housing, how are we going to target small businesses that are under an enormous business crunch?

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